Mortgage offer what if build is delayed?

MNM2903

We have had our mortgage offer valid until march 31st 2016.

The build is due to complete sometime in March. Im just wondering if the build is delayed for any reason such as the unpredictable weather we have here in the UK can the application be extended or would it need to be reapplied for?

Its our first buy so not sure how accurate these time scales are but im confident theres a chance of it being delayed.

libf

Which lender?

I know that Nationwide will give 2 weeks grace if your solicitor confirms that completion is imminent. Otherwise it's a new application at new rates, but my broker said that in my situation in that case the builder will foot the bill for fees and if rates have changed then compensation will be asked for.

MNM2903

Halifax. Im going to check all this when we actually exchange contracts etc. Hopefully there are no delays but im not so optomistic ha

amnblog

Kingstreet is your man for this type of query.


Kingstreet?

funkyfin2000

Yeah it's down to your lender what their policy is. We are looking at NatWest, 6months max and then it's a new application. There will be a couple of weeks grace but it's in the hands of the lender.

We have the same issue, new build due Feb/March which they reckon will come in, but the builder won't commit. I'm interested in what was said above whereby we could ask the builder to pay any difference in fees/mortgage but I can't see them agreeing to that!

kingstreet

Present.

Halifax will allow you to pick a new product and refresh the valuation when it gets to six months old.

One of the easier lenders for expiring drawdown deadlines.

MNM2903

kingstreet wrote: »

Present.

Halifax will allow you to pick a new product and refresh the valuation when it gets to six months old.

One of the easier lenders for expiring drawdown deadlines.

Does that mean my mortgage offer is valid until 31st march as they have stated but the valuation will need to be done again in 6 months time?

kingstreet

A valuation goes stale after six months, so Halifax calls Colleys and Colleys confirms if the original figure still holds good.

If you won't complete before the product draw-down deadline, 31 March, you would then need to pick a new product from the current range with a longer draw-down deadline.

You don't have to wait until March to do that though. You can do it when you like.

MNM2903

kingstreet wrote: »

A valuation goes stale after six months, so Halifax calls Colleys and Colleys confirms if the original figure still holds good.

If you won't complete before the product draw-down deadline, 31 March, you would then need to pick a new product from the current range with a longer draw-down deadline.

You don't have to wait until March to do that though. You can do it when you like.

Awesome, bellway seem pretty confident that it will complete and there ahead of schedule according to them. Looks to be late feb/early march so hopefully that will be the case. Thanks for the info, much appreciated.