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Mortgage for a new build?
hieveryone
Posts: 3,865 Forumite
Hi all
Just a couple of questions on how getting a mortgage for a new build works.
- If house isn't ready until June 2015, when do you apply for the mortgage?
- If you have to move into rented accommodation (due to waiting for house to be built), how does this reflect on the electoral roll, and ultimately chances of a mortgage?
Thanks
Just a couple of questions on how getting a mortgage for a new build works.
- If house isn't ready until June 2015, when do you apply for the mortgage?
- If you have to move into rented accommodation (due to waiting for house to be built), how does this reflect on the electoral roll, and ultimately chances of a mortgage?
Thanks
Bought is to buy. Brought is to bring.
0
Comments
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Ensure the offer won't expire before the property is built, perhaps by using a lender with extendable offers.
If you get the mortgage offer then move to temporary accommodation, you shouldn't have any issues.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
kingstreet wrote: »Ensure the offer won't expire before the property is built, perhaps by using a lender with extendable offers.
If you get the mortgage offer then move to temporary accommodation, you shouldn't have any issues.
Thank you - didn't think of that! Is it usual that a mortgage offer would last 6 months though?
The builders here don't let you sign (missives?) until your existing property is sold, therefore not guaranteeing you can reserve a particular property, so existing house would need to be sold asap.
Thanks
Bought is to buy. Brought is to bring.0 -
Most purchase offers last six months.
Some can be extended, some can't.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
kingstreet wrote: »Most purchase offers last six months.
Some can be extended, some can't.
Perfect, thank you, appreciate your response.
Bought is to buy. Brought is to bring.0
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