Protecting deposit between exchange and completion

Danz123

AdrianC wrote: »

You aren't going to bring the long stop forward...

The contract is still being drafted so there may be scope to update it I would have thought.

AdrianC

Danz123 wrote: »

The contract is still being drafted so there may be scope to update it I would have thought.

You are NOT going to persuade them to say "Nah, it's OK, we'll let you off far earlier than everybody else if there's delays", simply because you haven't organised a more suitable mortgage offer...

Herbalus

AdrianC wrote: »

You are NOT going to persuade them to say "Nah, it's OK, we'll let you off far earlier than everybody else if there's delays", simply because you haven't organised a more suitable mortgage offer...

If you need a mortgage offer now (June) for completion in November (5 months away), then I don't see any providers offering a suitable mortgage offer that can deal with a lot of slippage. Unless there are providers that make offers that last for more than 6 months?

AdrianC

Then acceptance of the necessity of a renewal is required...

[Deleted User]

The usual answer is to use a lender that offers the facility to extend offers without a whole new application being submitted.



A client I met had a mortgage offer through another broker on a new build. Broker put him with HSBC for best rate. They don't allow offer extensions unless only a few days.



I placed with barclays for a very simikar rate, new 6 month offer.
He called the other day, build delayed yet again and won't be ready until offer expired. New offer issued within 72 hours for a further 6months.



So, who is your lender and what's their policy on offer extensions? I presume you looked at this before panicking about it running out?

[Deleted User]

Herbalus wrote: »

If you need a mortgage offer now (June) for completion in November (5 months away), then I don't see any providers offering a suitable mortgage offer that can deal with a lot of slippage. Unless there are providers that make offers that last for more than 6 months?

Skipton will do 9 months on a new build with 3 month extension
Principality do a year I think for main offer on new build



The state of the build should have been taken in to account by OP when choosing lender. Its not always the cheapest rate as well all know

Danz123

Deleted_User wrote: »

The usual answer is to use a lender that offers the facility to extend offers without a whole new application being submitted.



A client I met had a mortgage offer through another broker on a new build. Broker put him with HSBC for best rate. They don't allow offer extensions unless only a few days.



I placed with barclays for a very simikar rate, new 6 month offer.
He called the other day, build delayed yet again and won't be ready until offer expired. New offer issued within 72 hours for a further 6months.



So, who is your lender and what's their policy on offer extensions? I presume you looked at this before panicking about it running out?

Santander is my lender, but I've been unable to get clarity from their documentation on their extension policy. What's been your experience with them thus far, are they quite flexible or will I be treading a fine line?

Danz123

Deleted_User wrote: »

Skipton will do 9 months on a new build with 3 month extension
Principality do a year I think for main offer on new build



The state of the build should have been taken in to account by OP when choosing lender. Its not always the cheapest rate as well all know

Which is why I used the services of a broker, to help fill the knowledge gaps where I'm not supposed to be able to and this is the lender we went with.

[Deleted User]

Danz123 wrote: »

Santander is my lender, but I've been unable to get clarity from their documentation on their extension policy. What's been your experience with them thus far, are they quite flexible or will I be treading a fine line?

They do extensions but it's subject to new underwriting, new valuation, new product. Essentially a new application. Best do it about 4 or 5 weeks before your current one expires. Gives time to get through underwriting

Danz123

Deleted_User wrote: »

They do extensions but it's subject to new underwriting, new valuation, new product. Essentially a new application. Best do it about 4 or 5 weeks before your current one expires. Gives time to get through underwriting

Thanks, very useful to know. Do we have to submit our documentation all over again or is this an internal exercise? Will we be credit checked again? And importantly - how long are the extensions they give?