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Exchange Help!
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robgoode
Posts: 62 Forumite
We are currently going through exchange of contract process atm but starting to get worried about it all.
Found mortgage and spoke with broker. All documents sent and received by them Friday 19th January. Told by broker the application would be done straight away. Its now Tuesday going into Wednesday and I've been told our application still hasn't been put in due to various reasons which have been out of our hands.
House builder has an exchange of contracts date 5th February which is likely not to be met now due to the delays with the broker/mortgage company. I've been told by the broker that it isn't an issue as the house builder will allow an over run and will reschedule the exchange date so long as the application is pending. Is this true? I'm getting anxious now as the timelines other people have mentioned means we definitely won't be ready to exchange come 5th February.
Found mortgage and spoke with broker. All documents sent and received by them Friday 19th January. Told by broker the application would be done straight away. Its now Tuesday going into Wednesday and I've been told our application still hasn't been put in due to various reasons which have been out of our hands.
House builder has an exchange of contracts date 5th February which is likely not to be met now due to the delays with the broker/mortgage company. I've been told by the broker that it isn't an issue as the house builder will allow an over run and will reschedule the exchange date so long as the application is pending. Is this true? I'm getting anxious now as the timelines other people have mentioned means we definitely won't be ready to exchange come 5th February.
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Comments
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Why are you exchanging contracts when you don't even have a mortgage agreed?
On another note... Get a better broker!I am a Mortgage Broker.
You should note that this site doesn't check my status as a Mortgage Broker, 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 advice0 -
I've been told by the broker that it isn't an issue as the house builder will allow an over run and will reschedule the exchange date so long as the application is pending. Is this true?
Yes, providing matters are continually progressing. Deadlines will be allowed to slip.All documents sent and received by them Friday 19th January.
A few days were "lost" before you completed your application form then.0
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