Morgage Offer Extension

marginex

Hi Guys,

Just after a little reassurance, I have a mortgage offer with Virgin Money which lasts initially 16 weeks, its for a new build as as expected we "annoyingly" need an extension as they will complete the build just 5 days after the 16 weeks, now my broker spoke with Virgin a few weeks back to confirm the process and they have said they changed the process to be just a case of calling them to get the extension for a few weeks (a formality they said), reason is is that they offer 24 weeks as standard now on there mortgage offers.

So we have gone to do organise the extension today but they have said they need 3 things from us because of MMR, confirmation from the builders of the completion date, a scanned and emailed letter from my wife and I confirming no change in employment circumstances, which we have done as there are no changes, also my broker himself had to write to confirm no changes to the financials(affordability) all be emailed over today and my broker seems to think its tick boxing but I wonder if any brokers have had a similer experience? I'm a born worrier!

Thank you.

marginex

I should add we exchanged weeks ago, all pretty seamless so far just nervous now having to provide there letters confirming a few details..

kingstreet

VM's odd old 16 week offer is a PITA for newbuild brokers.

The extention process is as described and gives an eight week increase only.

it's further complicated as you have a MMR crossover case, but they appear to be following the same guidelines.

There's also a re-credit score.

marginex

Thanks Kingstreet,

The process has changed they just haven't updated the intermediates website.

All new mortgage offers are now 24 weeks with Virgin Money (they clearly saw sense) any 16 week cases still ongoing can get the extension to bring in line, broker has been told by Virgin that no longer credit check/new valaution etc it should just be a "fomality" im hoping as they have only required the 3 things listed above and no evidence as such its just for the "mortgage file" and to tick boxes, but I had hope someone on have may have been through the new process.