Extending mortgage offer

Sponge_Cake

Is this possible?

Things are dragging with our house purchase, the mortgage offer with Halifax expires on 31st August.
Obviously we are hoping to have everything sorted by then, but in the worse case scenario, can you extend? And what is the process?

kingstreet

You will need to select a new product from the current range. This will see the drawdown deadline adopted from the new product, so could be 31/12/2018 or 31/03/2019.

Once it's six months old, Colleys will refresh the valuation, free of charge.

Sponge_Cake

Thanks for your reply.
So it's just a case of extending the mortgage/applying for a new product?
Can I ask what Colleys is?
Thanks.

kingstreet

You don't extend the offer, Halifax offers are open ended.

Their products have drawdown-deadlines. For example, I've done one today where the drawdown-deadline is 30 June 2018. Completion isn't going to take place before then, so I've prepared a new illustration and put it to the client.

Client has agreed it, so I've been back in the Halifax system, changed the product and have a new offer with a drawdown deadline of 31 March 2019.

Colleys is the survey arm of Lloyds Banking Group.