mortgage exiry query

nothomealone

Hi ive exchanged contracts on a new build and we are not to far from completion but my offer is about to expire I was always under the impression we could extend the offer as impression from M/A that we could extend on this product as the offer was only 4 1/2 months instead of 6. After speaking to MA yesterday they said we have to choose a new product is this correct?

nothomealone

To be abit clearer the mortgage advisor and solicitor let us exchange contacts knowing we would not be able to complete using the product we exchanged on this cant be correct as its set to cost us £xxxx's more over the period and fee's.

Leon_W

It really does depend on the lender. Some will grant extensions and some won't .


The lender is under no compulsion to do so though. Therefore the only answer is to check with your adviser and see what the position is.

nothomealone

The original offer was only for 4 1/2 months I brought this up to advisor knowing it would expire they said dont worry we can extend it but now there saying you have to pick a new product which cost's us thousands extra.

Jimbo1976

A number of lenders have been cutting their fixed rates recently. you may be able to find a cheaper deal. if you can do this with the original lender then you won't have to pay for a new valuation. However if you do need to change lender any cost saving would need to be balanced against any new costs (product, valuation etc)