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Mortgage Extension & Risk
MercilessKiller
Posts: 7,143 Forumite
Hi there
I've been approved for a mortgage and about to exchange but wont complete till the property is built in May.
The mortgage offer expires a week before the current completion date. The broker said we'll apply for an extension nearer the time but hasn't indicated the risks.
Are these common and done as a matter of process? Or is there a high risk something would change?
Thanks!
I've been approved for a mortgage and about to exchange but wont complete till the property is built in May.
The mortgage offer expires a week before the current completion date. The broker said we'll apply for an extension nearer the time but hasn't indicated the risks.
Are these common and done as a matter of process? Or is there a high risk something would change?
Thanks!
[FONT=Arial, Helvetica, sans-serif]"The internet is a great way to get on the net."
- Bob Dole, Republican presidential candidate[/FONT]
- Bob Dole, Republican presidential candidate[/FONT]
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Comments
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MercilessKiller wrote: »Or is there a high risk something would change?
Thanks!
You are in the best position to ascertain that. Security of job etc.0 -
It varies from lender to lender.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
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My personal risk is something I understand but I'm more interested in the risk of a lender changing their mind (when no personal circumstances have changed). I.E interest rate changes in their FTB "deal".[FONT=Arial, Helvetica, sans-serif]"The internet is a great way to get on the net."
- Bob Dole, Republican presidential candidate[/FONT]0
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