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New build - long time between exchange & completion
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Morning,
We were/are in the same boat. My OH and I have reserved a new build. At the time we have to put down £500 as a reservation/holding fee to the developer. The developer then gave us 28 days to exchange. So we reserved in September and the exchange date deadline was in October. Although our house won't be built till End of February 2017 considering there won't be delays. We went through a broker which I think is the best bet for new builds. Some Lenders will give a long term of the mortgage offer, someone will be 6 months (but may allow you to extend), whereas others you may have to re-apply, however, your broker will know best if he is specialised in new build.
During our mortgage application we had to provide bank statements to show affordability and also provide the solicitor with proof of deposit as this is payable upon exchange.
Hope this helps!
A:jFinally going to be a homeowner:T0
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