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Product fee -6 month expiry

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Comments

  • kingstreet
    kingstreet Posts: 39,315 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    That's why I'm concerned as to get an offer and complete in 6 months might be ambitious?
    It's worse than that.

    You have to get a buyer, agree a price, find somewhere yourself and agree a price.

    Chances on achieving that will depend on activity in your area after Christmas.
    I am a mortgage broker. You 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. Please do not send PMs asking for one-to-one-advice, or representation.
  • That's true I think I will have to let offer expire until we are farther down the road market wise even though it could cause a delay in the sale?
  • kingstreet
    kingstreet Posts: 39,315 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    That's true I think I will have to let offer expire until we are farther down the road market wise even though it could cause a delay in the sale?
    I don't see what the mortgage application for a purchase has to do with the progress of a sale?

    We get from application to offer in less than two weeks, then our mortgage offer sits for months while solicitors do their work.
    I am a mortgage broker. You 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. Please do not send PMs asking for one-to-one-advice, or representation.
  • Sorry I mean the sale of ours and completion of purchase, first direct indicated that once the fee was paid it would take 4-6 weeks to move from an offer in principle to an offer?
  • kingstreet
    kingstreet Posts: 39,315 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    I'm sorry, I don't understand what you are asking.

    The mortgage is a very short process in a very long one to sell and purchase.

    You (HSBC) have six months from the point you reserve the mortgage funds. If you do that when you have no buyer, you are hoping to telescope a lot of activity into a shortish period of time.

    That's why our clients pay no fees until their chain is fully formed and the full mortgage application is submitted. At least we have a fighting chance of completion within six months, even as a newbuild specialist broker.
    I am a mortgage broker. You 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. Please do not send PMs asking for one-to-one-advice, or representation.
  • Makes sense and think I'll hold off paying out a fee until we had an offer etc thanks for all the advice
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