Completing on a new build before the house is finished

mrfd

Hi all

I currently have a mortgage offer that runs out on the 19th of august for a new build property, however the build has been delayed slightly and may not be finished until after the mortgage offer has run out. Am I able to complete on the house before it has been finished by the builder? I am aware I would be paying the mortgage on it without actually living there but as I am living with parents I would have more than enough money to cover the mortgage and my parents are willing to let me like rent free for the period of time until the house is ready.

Senior_Paper_Monitor

No you can't - but it is probable that the offer can be extended

kingstreet

Best case scenario - you can extend offer.

Worst case scenario - you can't extend, or extention runs out too early and you have to reapply. In which case, builder should refund one set of fees, IMHO.

mrfd

Nationwide have said that they will only extend a maximum of 14 days and I have already taken that into account, it is a taylor wimpey build in which the original completion date was meant to be June/July but once I had submitted the mortgage application and had it approved they moved the date back quite substantially because of the bad weather at the start of the year, they are currently pilling the foundations which should be completed in the next week so I'm hoping the new completion date is just a worst case scenario to allow for any more delays etc.

kingstreet

Yes. Two weeks is max Nationwide will extend.

Any longer, you will have to reapply as mentioned.

ethank

You will have to reapply if you don't meet the date. I would be asking TW to pay for the second mortgage application in that case. They should have known the completion date at the time you put your reservation in!