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Mortgage Offer
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WYSPECIAL
Posts: 739 Forumite
Got a mortgage offer to buy out my ex's interest in the house I live in.
Due to a delay with the consent order it looks like it wont all be completed before the expiry date.
What normally happens in these situations? Is an extension likely to be approved or do you have to make a fresh application? How close to the wire do you take it before asking for an extension?
There have been no changes to financial circumstances other than a small pay rise and the Bank of England interest rate cut so affordability won't have changed.
Due to a delay with the consent order it looks like it wont all be completed before the expiry date.
What normally happens in these situations? Is an extension likely to be approved or do you have to make a fresh application? How close to the wire do you take it before asking for an extension?
There have been no changes to financial circumstances other than a small pay rise and the Bank of England interest rate cut so affordability won't have changed.
0
Comments
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That depends on the Lender and the product.
Some will extend no problem. Some may need you to take a new rate. In some cases you may need to update your supporting documentation. In some cases you may need to start the application process again.
I suspect that doesn't help, but that is the way it is.
You need to contact your lender/broker explain the situation and get advice on the best way forward.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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.0 -
Thanks,
originally used a broker. Is protocol to go back to them or can I just contact the lender directly now?0 -
Using a broker rule #1
Never contact the Lender direct.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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.0
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