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Will Precise Mortgages extend mortgage offer?
kay_1
Posts: 92 Forumite
We received our mortgage offer on 02 April 2014. Since then the top of the chain has pulled out and we are now waiting for our vendors to find somewhere else to buy. We are not in a major rush as we have completed on our house sale and are staying with my parents although obviously we would like to get in the new house asap.
Thing that is worrying me is our mortgage offer expires on 27 June. If the chain takes a while to complete are they likely to extend the mortgage offer or will we have to reapply and therefore pay another mortgage application and valuation fee?
Thank you!
Thing that is worrying me is our mortgage offer expires on 27 June. If the chain takes a while to complete are they likely to extend the mortgage offer or will we have to reapply and therefore pay another mortgage application and valuation fee?
Thank you!
0
Comments
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Have you asked precise?
It has nearly 3 months left to run, i would be very surprised in th current market if you cant complete before then.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
No I haven't as it obviously hasn't come to that yet I was just pondering 'what if'.
Like you say there's nearly 3 months left so hopefully the chain will complete soon and I won't have to worry!0 -
You'll only get a true answer from the lender themselves (or the broker you're using, if you are using one). As ACG says - it's a pretty small window for you to start worrying about it now. Just keep tabs on what's happening above you and approach the lender / broker in say 6-8 weeks if there's been no progression from the vendor's perspective.0
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Usually they will extend, although at their discretion
They usually assess the chain as like to see some finality or conclusion, rather than just an unknown extension.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it.This signature is here as I follow MSE's Mortgage Adviser code of conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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