Halifax Offer - Can it be extended?

n15h

Hi, I am a first time buyer going through the process to buy my first house (YAY).


As the sale is part of a chain of buyers/sellers above the chain, the sellers told me that they were expecting the completion to be sometime in July. The estate agent also said the same thing to me.


I applied for a mortgage through L&C Mortgages in early February. I also made them aware constantly that completion is to be sometime in July so the offer needs to last until the end of July.


The broker recommended a Halifax mortgage of 1.49% fixed for 2 years and informed that the Halifax offer would last 6 months - so until early August. I was happy with this and we proceeded to complete the application and pay £200 for the valuation survey.


I received the Halifax Mortgage Offer 2 weeks ago which had a valid date of 30 June 2018 - this has also been sent to the Broker and my solicitors. I queried this with the broker who has been going back and forth with Halifax on this.


The broker has told me today that the valid date of 30 June, is the completion date of the product. As we need the offer to last until July, the broker has informed the only thing we can do is go for a new product. He has informed that the cheapest again is Halifax at 1.62% fixed for 2 years - this would increase the monthly payment by £15 per month.


I feel that through no fault of my own, I am now going to lose a really good rate and have to pay more a month. I wondered if there is anything that can be done to extend the offer for an extra month?


Any help would be appreciated.


Thanks!

Thrugelmir

n15h wrote: »

I feel that through no fault of my own, I am now going to lose a really good rate and have to pay more a month. I wondered if there is anything that can be done to extend the offer for an extra month?

Seems as Halifax are hedging against a rise in base rate before the end of June. Not going to extend the product expiry date just for you.

n15h

Thrugelmir wrote: »

Seems as Halifax are hedging against a rise in base rate before the end of June. Not going to extend the product expiry date just for you.

Thats missing my point. I was offered a product that was supposed to be valid until early August.

I accepted that product and proceeded with the whole application including credit searches, proof of income and paying the valuation fees. Now I being told that it can't remain valid and I have to apply for another product that's going to cost an extra £15 more per month.

I could understand if it's my fault, but I've been upfront from the start about the completion date.

juniordoc

The fault here lies with your broker who has falsely lead you to believe this product would be available in July.
A lesson to be learned here in not submitting a full application so hastily, particularly where it is already known that the completion date will be so far away.

n15h

juniordoc wrote: »

The fault here lies with your broker who has falsely lead you to believe this product would be available in July.
A lesson to be learned here in not submitting a full application so hastily, particularly where it is already known that the completion date will be so far away.

That's true. The broker did tell me the offer would be valid for 6 months, so taking his advice we applied for the product.

He did say to go with Halifax as they were the cheapest lender that could offer me a mortgage for 37 years and an offer that would be valid for 6 months. That ticked all my boxes so i went with his recommendation.

I'm wondering what to do now. I may put in a complaint with my broker, but I'd like to know if a mortgage offer can be extended?

kingstreet

No. The Halifax process is as you have been told.

If you will pass the drawdown deadline, you will need to pick a new product and once six months old, the valuation will have to be refreshed.

n15h

kingstreet wrote: »

No. The Halifax process is as you have been told.

If you will pass the drawdown deadline, you will need to pick a new product and once six months old, the valuation will have to be refreshed.

That makes sense. I don't believe I will make the drawdown deadline as it is 30 June, but completion is expected sometime in July. I don't believe Halifax will give an extension but I have asked the broker to speak to Halifax about this.

Just feel mis-lead as I've paid for a valuation and had credit searches completed for a mortgage product which was never right for me.

Can I ask the broker to refund of the valuation fees and removal of credit searches?