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New build exchange and completion confusion!!
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No. Don't assume every mortgage offer lasts six months.Sophiegass wrote: »I can’t see how the exchange can be any sooner than 6 months before completion because mortgage offers won’t be valid for longer than 6 months either? If that’s the case, the earliest we could complete would be March 2020 as completion is due September 2020. Which means we couldn’t reserve until Jan/ Feb of 2020, right?
There are some lenders in the newbuild market currently issuing twelve month offers. Others can be extended.
You may not have to reapply. You may simply choose a new product at the time the old product is due to pass the drawdown deadline.
Please seek independent advice from a newbuild experienced broker to ensure you get what you need if you do take this route.
A builder will normally allow a clause releasing you from the contract if you are unable to get your mortgage at the time you need it, at completion.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 -
Sophiegass wrote: »No it’s in Kent, we both live with our parents at the moment which is why we don’t mind buying off plan for next year.
Your the ideal person looking to buy a new build. If you can do it then do it !
Be prepared to find all the snags and get them sorted when the time comes.0 -
Appreciate the excitement of buying a first new home, but in all honesty I'd recommend waiting until you have the deposit ready. As part of the mortgage application you need to prove you have the deposit ready and like everyone here has suggested, mortgage approvals are generally valid for 6 months, some can be longer but I know a lot of the high streets are 6
I just bought from Ashberry in Essex and it was 4 weeks from reservation (£500) to exchange of contracts (where I need to pay £21,000) and my house completion is in June 19. I also have HTB of 20%0
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