Precise Mortgage extension offer

fresa

Hello,

How long it takes to get an answer for extend the mortgage ? do we need to provide anything?
Please advice my offer runs out in 5 days thanks

VentureMM

I'm not entirely sure what it is you are asking. Generally to extend the term you would be required to apply for a new mortgage.

fresa

sorry, we have a mortgage in principle but we need to exchange and complete, the seller of the house just found out that they been aprobe from their mortgage yesterday, so means we need to extend the offer of our mortgage, it means we need to do everything again?

Time2go

Have you applied for mortgage or just got a dip

kingstreet

If all you have is an agreement in principle, the next step is submission of a full application, supporting documentation and payment of fees.

This will result in the issue of a formal mortgage offer to you and your solicitor and this will be used to exchange contracts and complete once the legal work is done and a completion date is agreed between all parties in the chain.

fresa

we do have the mortgage in principle, and all the documentation was submitted with the information ( pay slips, bank statements etc...)our mortgage offer is running out in 5 days....so my question is , do we need to re apply for a mortgage? or is just a phone call that the solicitor have to do? we did apply with precise mortgage, please advice.

kingstreet

Do you have an agreement in principle or do you have a formal mortgage offer?

It sounds like you have a mortgage offer.

If the offer is due to expire, you need to request an extension and supply some of the documents once again.

You need to speak to the lender, or your broker ASAP.