Mortgage Offer Extention

Profoundry

My broker replied to my request to change products saying "We look into this for you, however I’m not sure that this will extend your mortgage offer any further than it already is."

Hope they are wrong.

kingstreet

Oh boy, you really do have to drag some people kicking & screaming along to a new idea, don't you?

Halifax offers don't have an expiry date, they have a product draw-down deadline and after six months the offer has to be refreshed.

Why don't they just ask their Halifax BDM?

Profoundry

kingstreet wrote: »

Oh boy, you really do have to drag some people kicking & screaming along to a new idea, don't you?

Halifax offers don't have an expiry date, they have a product draw-down deadline and after six months the offer has to be refreshed.

Why don't they just ask their Halifax BDM?

I know. I even replied saying that the Halifax bloke I spoke to in their Intermediaries dept said it is an easy switch over that will extend the deadline.

kingstreet

Sorry, typo.

After six months the valuation has to be refreshed.

jaxkesa

I am in a similar situation. My Nationwide offer expires mid Jan and I was originally given a December estimated completion date but they have only just finished the ground floor and the builder won't give me a more accurate date until after exchange which just sounds crazy.

My broker (recommended by the builder - I know...) originally said an extension was 'just a formality' but having read the Nationwide T&Cs, it appears they won't extend the offer under any circumstances. The rate of the product I secured has already increased.

So I am either looking at pulling out and losing a few thousand in legal fees or taking a big risk.

kingstreet

Your solicitor can request a two week extention but the completion date must be within two weeks of the expiry date and the certificate of title submitted just before expiry.

In the last three years, we've had to re-write two Nationwide cases because the offer expired before the build was finished. We do everything we can to ensure we don't apply for the mortgage until we're as certain as possible the property will be ready but we can't legislate for builder delays.

Profoundry

Our broker just sent over the illustration for the FAK520 product from Halifax and all looks great. They said that this will give us a June 2016 drawdown deadline and our offer will be valid 6 months from when they accept. This will take us to about March 2016 then we will have to ask for an extension. Which apparently just requires a new credit check.

Profoundry

Now waiting for the underwriters to come back with their sign off.

amnblog

Looks like your Broker's 'close relationship' with Halifax finally paid off.

Profoundry

We have just had the amended mortgage offer sent through with the new product details and an expired date of June 30th 2016. Does that mean if we put a long stop date of June into the contract we can safely exchange now?

Halifax say we just have to keep a clean credit score between now and completion. Does that mean we can't buy anything on credit such as sofas etc?