Mortgage Offer Extension

madmaiden

Wonder if anyone can help? Really fed up today found out that one of our chain dropped out yesterday and so the house at the beginning of our chain needs to be resold! Was hoping to move in mid November but not looking likely now. We are worrying as our mortgage offer runs out on 30 November - what happens in these cases? Our offer is with Abbey National. Was really hoping to be in well before christmas - fed up living with boxes but had to start packing up as we have so much stuff! Hoping not to lose the house we are buying as it all seems so fragile now.

IveSeenTheLight

madmaiden wrote: »

We are worrying as our mortgage offer runs out on 30 November - what happens in these cases? Our offer is with Abbey National.

Just get back in touch with your mortgage lendor and explain the situation.

It's standard that when they quote a mortgage they state an offer validity date to ensure that the offer cannot be used after a period of time when the market for mortgages may change.

The offer may still be valid and they can set a new date or they may say that the offer will not be valid after the date and a different mortgage offer will be available.

madmaiden

thanks very much for your reply - do you think we should call them straight away or leave it a couple of weeks - you never know they might get a first time buyer is it possible still to complete by the 30th November if this happens or do you think we are bing unrealistic?

lizzymouse

i am a first time buyer and buying off someone with no chain either and that on its own has taken 3 months!! i think you would be better to accept that you will be in your current house for xmas and beyond. nobody will want to move in the few weeks up to xmas unless eveyone in the chain is happy to do the same, sorry :-)

goldbyron

I would ring the mortgage company and ask for an extension to the offer - they can usually extend by 3-6 months especially as interest rates may be going down - it will be no loss to them!

madmaiden

Thanks for your replies! I feel a bit better now - I believe it now when people saying moving house is one of the most stressful things you can do!

Really disappointed but if we are here at christmas we will make the best of it. Will just have to get on with the pressie buying now - was waiting till after the move so nothing got lost!

Hopefully we will get an extension to our offer with no problems - as we went through a financial advisor should we go through them or ring direct does anyone know?

SquatNow

While I hate to sound pesimistic, dont assume that your mortgage company will extend the offer. Given the current market they coud easily refuse to extend it or change the terms.

Put simply, don't count your chickens.