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Mortgage offer validity
drc90
Posts: 36 Forumite
Been doing some research and am confused over the mortgage offer validity.
Say I'm buying a new build off-plan, and early in the process after the valuation I get a mortgage offer valid for 6 months. Which of these two scenarios is correct (or neither)? -
A. The house is completed within the 6 months, house prices have gone down, but I don't need another valuation and the original mortgage offer stands.
B. The house is completed within the 6 months, house prices have gone down, but my mortgage lender carries out another valuation and now only agree to lend me an amount based on the current house value.
Which of those is right? I understand that if the 6 months expires without completion, that I'd have to go through the process again anyway.
Thanks
Say I'm buying a new build off-plan, and early in the process after the valuation I get a mortgage offer valid for 6 months. Which of these two scenarios is correct (or neither)? -
A. The house is completed within the 6 months, house prices have gone down, but I don't need another valuation and the original mortgage offer stands.
B. The house is completed within the 6 months, house prices have gone down, but my mortgage lender carries out another valuation and now only agree to lend me an amount based on the current house value.
Which of those is right? I understand that if the 6 months expires without completion, that I'd have to go through the process again anyway.
Thanks
0
Comments
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From my limited knowledge A is Correct. Also you may not have to re apply if the house is not completed within 6 months, potentially you could just switch product and extend the offer.0
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