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Gap between COT and draw down
Derboy
Posts: 168 Forumite
Looking to see if anyone has been in this situation...
My new build completion date has bee delayed till Mid-March. Mortgage offer expires 27th of Jan.. Mortgage company wont extend, resulting in a completely new app being required. My solicitor doesn't seem phased and says that they'll simply submit the Certificate of Title in mid Jan and then ask for the draw down of funds on completion.
Is this kosher? After all why doesn't everyone do this?
My new build completion date has bee delayed till Mid-March. Mortgage offer expires 27th of Jan.. Mortgage company wont extend, resulting in a completely new app being required. My solicitor doesn't seem phased and says that they'll simply submit the Certificate of Title in mid Jan and then ask for the draw down of funds on completion.
Is this kosher? After all why doesn't everyone do this?
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Comments
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... and the lender is?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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Apologies. It's the Leeds.0
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I have my answer. My solicitor has come back to me today to say that they've been told that this isn't acceptable and I'll need to reapply. Shocker.
Thanks anyway.0 -
I'm waiting for a reply from our Leeds BDM as I didn't know off the top of my head.
I would have been very surprised if it had been possible.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 -
My thoughts as well. If it were possible why would anyone ever need to extend a mortgage offer?
That was good of you to go to the bother of raising an inquiry with your Leeds BDM. I really appreciate that. Thanks.
:beer:0
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