Nationwide automatic mortgage extension

LMS94

Hey,

This morning I received an email from Nationwide stating that my new build mortgage offer has been extended until Feb 2019 (original expiry was the 29th December 2018).

I was advised by my mortgage advisor that, should we have needed to extend our offer, we'd have had to submit new payslip etc.

My question is.. is it normal for a bank to automatically extend the offer even though we (probably) won't need it?

Thanks

kingstreet

As your expiry date approaches, Nationwide does an automatic 45 day extension on a newbuild without being asked.

If you don't complete within that time, it's a new application.

LMS94

Ah okay, thanks. I was advised that we'd have to ask Nationwide to extend it should we need to by my mortgage advisor.

kingstreet

Nope.

It's actually very helpful of Nationwide. It would have been absolutely brilliant if it had been 90 days, not 45.

We're having to do a lot of extensions and re-applies at the moment as our builders are encountering a number of delays.

LMS94

So would I right in thinking that they've probably done another credit check already and decided to extend it or could we still be credit checked just before they release the funds?

kingstreet

No way of knowing in either instance.