Extending Mortgage Offer?

cd1992

We are buying a new build property off plan and its currently due to be ready at the start of December, however there is a meeting this week with the developer and contractors to decide which properties will be finished this year and some may be pushed back to Jan\Feb next year.

If ours is pushed back it leaves is in a tricky situation where the mortgage offer we have in place expires at the start of January.

How likely are mortgage providers to extend a mortgage offer for say 3-6 months as this would give plenty of time to complete the purchase?

Thanks in advance.

kingstreet

Nationwide - two weeks max.

Halifax - current products run until June 2015 and simple to change when needed.

If you tell us which lender you're talking about, we might be able to be specific.

cd1992

Its Skipton building society and its on the Help to Buy.
Thanks

kingstreet

Never had to do one.

Offer says;-

This Offer is valid for 6 months from the date of the original Offer unless the Society confirms in writing the Offer has been extended, or issues an Offer on a different product. You or the Society’s Conveyancer are advised to contact the Society as soon as possible and certainly before the Offer expires if you wish to complete after the expiry date so that we can discuss the options available. This Offer only applies to the property stated to be mortgaged and is not transferable to another property. Please note, this product may no longer be available if you allow your Offer to expire.

The Society reserves the right to arrange an up to date valuation of the property and to request new status references if the application has not completed before the Offer expires.

So it may be worth investigating the process with your broker.

cd1992

Thanks for getting back to me - I'll do that.

kingstreet

We work closely with our builders to ensure they complete the properties where the expiring offer will be an issue.

We get updates and feed back to them with potential problems.

In the last two years, I can think of only one case where they left us in a situation where we had to re-apply but they did pick up all the borrower's additional costs/fees.