Nationwide mortgage offer

kemp596

Me and my partner are buying our first house it will be a new build estimated to be completed by early June but it was started around 4 weeks early we are now going for the full mortgage offer and wanting to use Nationwide however the 6 months the mortgage offer lasts doesn't leave much room for delays on the build will Nationwide extend the offer if needed and for how long ?

xzeeex

They would only extend mine for a week - after that I had to reapply. I'm not sure if that is their standard practise though. I'm now on my 3rd issued offer with them because of build delays. Are there other lenders you could try? My brother got an offer valid for 9 months from Halifax when he bought his house.

kemp596

xzeeex wrote: »

They would only extend mine for a week - after that I had to reapply. I'm not sure if that is their standard practise though. I'm now on my 3rd issued offer with them because of build delays. Are there other lenders you could try? My brother got an offer valid for 9 months from Halifax when he bought his house.

I looked at halifax as there offer lasts 9 months however they are more expensive plus dont offer the £500 + £25 cashback that nationwide do, just thinking whether the risk of having to re apply is worth the slightly cheaper mortgage.

ap1985

kemp596 wrote: »

I looked at halifax as there offer lasts 9 months however they are more expensive plus dont offer the £500 + £25 cashback that nationwide do, just thinking whether the risk of having to re apply is worth the slightly cheaper mortgage.

I think Halifax offer a £1000 cashback on completion.

xzeeex

kemp596 wrote: »

I looked at halifax as there offer lasts 9 months however they are more expensive plus dont offer the £500 + £25 cashback that nationwide do, just thinking whether the risk of having to re apply is worth the slightly cheaper mortgage.

It's always a gamble having to re-apply, you may get an offer the first time round but upon re-applying 6 months later the criteria might have changed and it could be enough to push you into the 'decline pile' (this is what my advisor has told me anyway). I'm using Nationwide due to adverse credit history. Other lenders were not willing to accept me, which is why I've had to keep re-applying with them. I've been fortunate to be granted offers on all of my applications since though.
No 2 situations are the same though, so do you think it is worth the risk or would you prefer to pay slightly more and have a bit more reassurance by having an offer which is valid for longer? Personally, I would have preferred to pay slightly more and have a 9 month offer, but in my situation it wasn't possible.
Have you spoken to a mortgage advisor?

kingstreet

Nationwide extension is a max of two weeks achieved by solicitor submitting Certificate Of Title within the last two weeks of the lift of the offer.

In other words, you have to have a completion date within two weeks of the expiry, or it's a whole new application.

As newbuild specialists, we would not recommend Nationwide where the build deadline is tight with the likely offer expiry date. Nationwide's products on reapply may not be as good as those we can currently get from Halifax which are currently until 30/09/2017.