Mortgage offer expiry!

Lucy28

Hi,


I am FTB and purchasing a new build due to complete on 16th October.


My mortgage expires on the 7th October which in effect is ok as nationwide will grant a 15 day extension I have heard they actually have a 45 day grace period for new builds.


however my issue is i have asked my solicitor to apply for the extension only to be told they will not do this until notice has been served by the developer. my friend works for the developer and has said this is not likely until 9th October, by this time my mortgage offer will have expired thus no extension can be granted.


my solicitors and broker knew how tight my offer was and not once was i told notice needed to be served before the solicitors would submit the COT. also may i add my solicitor and broker are both saying conflicting things, my broker seems to think COT can be submitted before notice is served and nationwide are also saying it can be done.


so i am now 5 weeks away from completion and may not have a mortgage offer after the 7th October. i really do not know what to do.


has anyone experienced this before?


thanks

kingstreet

The COT has to be submitted within two weeks of the expiry date and the completion date has to be certain at the point it is submitted.

That's all I can tell you.

As it's a free valuation, why not put a new application in to Nationwide so you have a fall-back position, just in case...?

Lucy28

so for the completion date to be certain does notice need to have been served by the builder?


I was thinking of that but wasn't sure if two applications can run along side each other? as I already have a offer from nationwide?

aNom

Lucy28 wrote: »

I was thinking of that but wasn't sure if two applications can run along side each other? as I already have a offer from nationwide?

I had to reapply with Nationwide as Redrow moved the build date, Nationwide was able to have multiple applications running at the same time and cancelled the original once I had received the offer but valuations are only valid for 90 days so we couldn't use the original valuation.

It took 8 days from the second application to receiving the offer.