Buyer protection between exchange and completion

maxthepolarbear

I'm buying a new build off plan - due to complete near the end of the year - see other post by me if interested (sorry can't post link as a new user)

I'm just thinking ahead of myself here. As there's almost half a year between exchange (assuming I manage to exchange on time) and completion, there is a chance the lender might retract the offer if say I lose my job/become incapable.

Other than income/redundancy protection (which only protect my income but lender might still retract the offer) or MPPI (which is only valid after completion) are there any insurance products that the lender is happy to accept as a "guarantee" against my loss of income so that they would not retract the offer?

The other significant risk I can think of is that the building does not complete on time and that my mortgage offer has expired by then. Is it possible to ask my solicitor to include a clause in the contract to allow for an exit clause along the line "if the building does not complete by X, then I have the right to pull out"

I'm just trying to minimise the risk of things going wrong (sod's law) in the long period between exchange and completion.

Thanks for your help

kingstreet

No, there is no insurance.

Yes, you may be able to have a clause in your contract which gives you the chance to pull-out if you are unable to get another mortgage if your offer expires.

Get proper legal advice.