We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Mortgage extension
Legacy_user
Posts: 0 Newbie
Hi,
Been issued a mortgage offer from Barclays for a 5 year fixed at 2.24%.
It is for a new build property which won't be ready till around Jan 2019 however the offer expires 19th December 2018. What are my chances of extending, and how to go about it? My broker wasn't 100% confident in their answer.
Thanks
Been issued a mortgage offer from Barclays for a 5 year fixed at 2.24%.
It is for a new build property which won't be ready till around Jan 2019 however the offer expires 19th December 2018. What are my chances of extending, and how to go about it? My broker wasn't 100% confident in their answer.
Thanks
0
Comments
-
I was told that most companies now offer a 1 year offer on new builds. Im applying for a mortgage with Leeds BS and we are buyijng a new build, as I say they told me that they do a 1 year mortgage offer. But I don't know if that's just them or what...0
-
Is your solicitor going to allow you to exchange contracts with an offer which expires before the anticipated legal completion date?danyalaziz wrote: »Hi,
Been issued a mortgage offer from Barclays for a 5 year fixed at 2.24%.
It is for a new build property which won't be ready till around Jan 2019 however the offer expires 19th December 2018. What are my chances of extending, and how to go about it? My broker wasn't 100% confident in their answer.
Thanks
Does your broker do much newbuild business?My broker wasn't 100% confident in their answer.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, 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 advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Here's what your broker could read in the online criteria;-Any offer that does not complete within this period must be re-submitted as a new application with the exception of ‘New Build Purchase’ applications which can be fully assessed against current lending standards with refreshed credit search, status documentation and re-offered for a further period of 6 months with a product from the current range. An updated valuation should be requested in all scenarios with the exception of where the tolerance, referred to below, applies. Any subsequent extension requirement will be subject to full re-submission.
The valuation validity period aligns with the offer validity period of 6 months from submission.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, 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 advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
The broker deals with many new builds and I haven’t advised my solicitor of the situation yet and as I have only just received the offer I doubt the solicitor has received the paperwork yet.This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com0
-
danyalaziz wrote: »The broker deals with many new builds.
Seems unlikelyI 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 advice.0 -
@amnblog L&C? LolThis is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.7K Banking & Borrowing
- 253.4K Reduce Debt & Boost Income
- 454K Spending & Discounts
- 244.7K Work, Benefits & Business
- 600.1K Mortgages, Homes & Bills
- 177.3K Life & Family
- 258.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards