1 week from offer expiring

BarleyGB

Advice please,

My offer is one week from expiring (due to problems with proterty tittle, slow solicitors etc).

There is a reasonable chance we could complete by 31/10, but having made enquiries as a contingency, it looks like I can get a new offer and on a better product (.24% lower interest, fixed until Feb 17 instead of Aug 16). By my workings out this will save me approx £2000 over the next 2 years.

On face value it seems a no brainer to swap products, but this will add a couple more weeks delay? The only doubt I have is that the lender may need to re credit search, underwrite my application and require more info.

Im not worried in terms of having anything to hide, my circumstances are solid in terms of what a lender looks for (im an ex mortgage underwriter myself - 15 years ago), just worried about the unknown, something from left field like lending policy change.

Has anyone else been in this position, would you delay and pursue the lower rate and additional 5 months of fixed period?

Does re-credit check & underwriting lead to a withdrawl of offer in many occasions (assuming no chance in circumstances)?

Could just be that my hand is forced and we're just unable to complete by 31/10 anyway?

BlaEm

I've literally just gone through with the same thing - I switched over mortgage products, as it didn't cost anything to do so when there is less than 2 weeks before expiration.

I'm also benefiting from reduced rate etc. Although I'm not as close to exchange as you are (I've been told by vendor 17 October all along and here we are still with queries outstanding!).

For me (Lender is Abbey, Broker is London and Country), I gave the go ahead to switch on Monday and received notification that the new offer has been issued 24 hours later.

So long as the loan amount isn't changing and there haven't been any other changes (e.g. to the price, your financial situation etc) you won't be credit checked and it will only go to the underwriter for a quick once over.

BarleyGB

Thanks thats re-assuring. My application is with Santander, assuming you mean Santander when referring to Abbey?

Maybe if I give the go-ahead today the amended offer could be sorted for early next week and not delay completion even if it can be achieved for 31/10, that said my broker advised about a week?

BlaEm

Yes, lender is Santander although on the paperwork it uses the Abbey brand!
So have you exchanged already? I assume not or the date for completion would already be set?
If I were you I would give the go ahead for amendment and should everything else you need to exchange fall in to place while you're waiting, just say you need a few more days to exchange. No one should care too much about an extra day or so.
I was told "by the end of this week" on Monday but it still only took the 24 hours
Good luck!