4 Months between Exchange and Completion - What should i do?

n15h

CommitedToChange wrote: »

This is a very important point - don't end up in this situation :eek:

My mortgage was only for 3 months and they have only issued a 1 month extension :mad:

Oh no!
Yeah I've told the broker that the completion is expected to be June/July so I need the offer to last from now until completion.

I want to ask the EA / seller if we can exchange in April instead of March - that would help me to get an offer from a lender that can do 3 months, but not 6 months.

shortcrust

Is the mortgage offer such a problem? Depends on the lender perhaps. I was with Halifax with an offer valid for six months. Three months in I emailed my MA to ask if I'd be able to benefit from an improved deal on my lender's website. He replied 30 mins later with a new offer for the better deal, valid for a further six months.

My purchase took over six months. I'd have jumped at the chance to have exchanged early on in the process. It looked like it would all fall through right up until the last minute.

n15h

shortcrust wrote: »

Is the mortgage offer such a problem? Depends on the lender perhaps. I was with Halifax with an offer valid for six months. Three months in I emailed my MA to ask if I'd be able to benefit from an improved deal on my lender's website. He replied 30 mins later with a new offer for the better deal, valid for a further six months.

My purchase took over six months. I'd have jumped at the chance to have exchanged early on in the process. It looked like it would all fall through right up until the last minute.

To be honest I am happy with the rate with the lender has been able to obtain. Whilst it isn't as low as the rate I initially hoped for (Nationwide 1.49%), he has got very close to it = Halifax 1.51%

It's more to do with how long a lender is willing to give an offer. I've been recommended to go with Halifax who are giving a 6 month offer.

However, the broker has said that he will also check rates in April, which will then fall within the 3 month window if mortgage completion happens in July. Hopefully that may show a wider range of lenders, although he did say that it would have to be a really exceptional rate to beat 1.51%.