We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Mortgage and exchange
Doodlebug5
Posts: 88 Forumite
Hey sorry if this should go in the house selling I wasn't entirely sure where it fits.
So a little while ago we reserved a new build went through a broker and got approved for a mortgage with precise.
Our original mortgage offer runs out on the 27th October and we have just been told our completion date (which in the contract was supposed to be the end of July) is the end of Nov beginning of December (but this may change)
We exchanged based on the offer from precise and our solicitors noted in the contract that if we can't get an extension to the mortgage we can pull out.
My question is if we could go elsewhere and secure another mortgage elsewhere from someone else? Or do we need to stay with the same mortgage company from exchange through to completion. My other half has a default from June last year but since then we have cleared all of our debt and my credit report is looking much better but at the time we went through precise because of this default. I'm just wondering if I could get a better rate elsewhere?
Thanks
Caroline
So a little while ago we reserved a new build went through a broker and got approved for a mortgage with precise.
Our original mortgage offer runs out on the 27th October and we have just been told our completion date (which in the contract was supposed to be the end of July) is the end of Nov beginning of December (but this may change)
We exchanged based on the offer from precise and our solicitors noted in the contract that if we can't get an extension to the mortgage we can pull out.
My question is if we could go elsewhere and secure another mortgage elsewhere from someone else? Or do we need to stay with the same mortgage company from exchange through to completion. My other half has a default from June last year but since then we have cleared all of our debt and my credit report is looking much better but at the time we went through precise because of this default. I'm just wondering if I could get a better rate elsewhere?
Thanks
Caroline
0
Comments
-
You could, but it's unlikely with a one year-old default.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.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354K Banking & Borrowing
- 254.3K Reduce Debt & Boost Income
- 455.3K Spending & Discounts
- 247.1K Work, Benefits & Business
- 603.7K Mortgages, Homes & Bills
- 178.3K Life & Family
- 261.2K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards