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First Direct Mortgages / TSB maximum offer period
Akk223
Posts: 31 Forumite
What is the longest term an offer can be open for with First Direct and TSB?
The reason for this is that I am remortgaging my house at the end of the fixed term which is end of June and wanting to release the equity to put a deposit on a second house. The second house has been chosen and the price agreed including the seller waiting until my current mortgage fixed term expires so that I do not have to pay an EArly Repayment Charge, however she does want to get exchange done as soon as possible.
The reason for this is that I am remortgaging my house at the end of the fixed term which is end of June and wanting to release the equity to put a deposit on a second house. The second house has been chosen and the price agreed including the seller waiting until my current mortgage fixed term expires so that I do not have to pay an EArly Repayment Charge, however she does want to get exchange done as soon as possible.
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The other issue is does the lender know you are borrowing extra to put down as a deposit on a new property?
You should not exchange contracts on a property until you have all of the funds, not just the deposit.I am a Mortgage AdviserYou 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.0 -
First Direct mortgage offers are for 6 months.0
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