Mortgage offer only valid for a month

dats

Hi all,
I have a mortgage offer from HSBC - it's a full offer (although subject to valuation) and not just an AIP - but it's only valid for a month ('normal' for HSBC, apparently - don't know why). I've queried it with the MA who says if it expires I 'might have to sign another offer document'.

Just wondering if anyone else has experienced this and if they automatically send a new offer document or if I will need to follow it up nearer the time, if I don't complete by then.

I'm keen not to delay things with my chain, hence the question.

dats

Landofwood

A mortgage offer comprises of the lender accepting you as a customer and the property as suitable. If your offer is subject-to-valuation, it's not a "full offer".

dats

If I remove my erroneous use of the word full and sit on the naughty step for being overly presumptuous, can anyone answer my actual question?

Landofwood

Your question is based on the assumption that you have a mortgage offer. Which, it appears, you do not.

Is this a regular mortgage or one of the HTB schemes?

dats

A fair portion of the questions in this forum are based on assumptions. Nature of the beast. The last time someone mentioned a mortgage offer with short validity, they were descended on by the usual suspects declaring basically that they were an idiot and that it must be an AIP. I mistakenly believed by being clear that I could avoid a similar fate.

Clearly, if HSBC decide that the valuation is not up to scratch, then my question is a moot one.

But for now, following my own Homebuyer's report, plus the offer in principle for a regular mortgage with a relatively low LTV, I just wondered if anyone else had experience of this and could share their thoughts.

Landofwood

I don't know what else to say to you, so I'll bump this post and hopefully someone else will give you an answer you a prefer.

kingstreet

The brokers can't be much help, because it's unlikely any of us have any great experience of HSBC.

That means you're stuck with HSBC applicants who may have had a similar experience. A response may be a while coming, so you may find it easier and quicker to ask the lender directly to explain more clearly its process for dealing with such an issue.

dats

Thank you, yes - I realise my question was rather niche and it was a long shot.

I've already asked the lender; just thought I'd see if anyone else had been on the receiving end!

jamei305

dats wrote: »

Thank you, yes - I realise my question was rather niche and it was a long shot.

I've already asked the lender; just thought I'd see if anyone else had been on the receiving end!

The offer is valid for one month. Once you accept it however, you have six months to complete. This seems to confuse a lot of people!

burnsguitarman

jamei305 wrote: »

The offer is valid for one month. Once you accept it however, you have six months to complete. This seems to confuse a lot of people!

Thanks. We are in the same position with HSBC, we have accepted the offer, and now have to complete within 6 months.