Mortgage Offer Expired!!

riad_2

Hello everyone!

After a long four months of enquiries going back and forth, I am finally ready to exchange and will be popping over to my solicitors to sign the contracts and deeds and hand over my deposit.

However, on Friday my solicitor called and said that he's discovered that my mortgage offer was only valid for 3 months and expired on November 16th!! :eek:

I tried to get a hold of my broker, but she wasn't in on Fri, so I called Natwest 's Mortgage Department directly to ask if the offer could be extended to complete by XMAS. The operator advised it's not usually a problem, and will forward my case to an underwriter to request for the offer to be extended... and I should hear back from them on Tuesday.

I am actually bricking my pants... after a long wait and a *VERY* anxious vendor who says he can't affort any more delays (and will rent out the flat if we cannot complete before xmas...), is it possible that Natwest will turn round and say no to extending the mortgage offer? Or is extending offers a routine thing to do? My circumstances haven't changed (except for a very small pay rise).

Has this happened to anyone else? Or to the brokers on this forum.. have you had much experience in this happening to your clients? And what normally has happened in these cases?

All comments welcome!!
-Riad

Spudwud

If the product is still available with the lender then there is no reason why they shouldnt extend the offer, though they may want the property valued again as valuations are only usually good for 3months. If the product has been withdrawn then its at the lenders discretion whether they allow you to complete on said product or whether they put you on to a different one.

UK007BullDog

Actually its a good thing for you as the NatWest rates dropped in the last 3 months. They might just give you a new rate without having to pay for it.

Or you keep the old rate if you wanted to sign the docs. The underwriters will send a new offer to you, the broker and the solicitor.

The broker should have told you that the product is valid for just 3 months and it also states as such on the KFI.

Because only 3 months passed you might not have to pay for another valuation. Specially if the product is a fees assisted product.

poppy10_2

UK007BullDog wrote: »

Actually its a good thing for you as the NatWest rates dropped in the last 3 months. They might just give you a new rate without having to pay for it.

Very unlikely.

Dan_Collins_2

poppy10 wrote: »

Very unlikely.

Your very negative poppy, it is likely and many lenders will do this.

Also Natwest are not in any trouble regarding the credit crunch so they should extend it. They may want to look at payslips if it goes on to longh but the Valuation will be fine. I have extended deal to 6 months or more.