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Has anyone tried to get an extension on a mortgage offer recently?
oniongirl
Posts: 206 Forumite
Two houses further up the chain from us are taking forever. They swapped which house they were buying 2 months in to the process, so it all started again in the middle of September.
Our buyers, first-timers with a 20% deposit, got their mortgage offer immediately on us accepting their offer, at the beginning of July. Their offering is expiring at the beginning of January.
Our agents are going to ask them to try and get an extension. What do you think their chances are? I'm feeling very pessimistic.
Our buyers, first-timers with a 20% deposit, got their mortgage offer immediately on us accepting their offer, at the beginning of July. Their offering is expiring at the beginning of January.
Our agents are going to ask them to try and get an extension. What do you think their chances are? I'm feeling very pessimistic.
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Comments
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With 20% they will get it I think, many buyers won`t have that level of deposit though which means things are looking good for property prices to start falling.0
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Ok crashy. You've said what I wanted to hear, but I know your agenda ;-)
Anyone else?1 -
Brill reply to Crashy 👏
One of the mortgage advisors on here may be able to advise; but they don’t know your buyers so may not have enough infoMFW 2026 #5007/03/25: Mortgage: £67,000.00
Mortgage:
04/04/26: £33,500
07/03/26: £34,418.15
16/01/26: £56,794.25
02/01/26: £60,223.17
12/08/25: Mortgage: £62,500.00
12/06/25: Mortgage: £65,000.00
18/01/25: Mortgage: £68,500.14
27/12/24: Mortgage: £69,278.38
Savings: £20,0000 -
Thanks - I don't know them either, so not much help! I hope they haven't been furloughed at all during these months. They hadn't been up til July when we accepted their offer, anyway. Gosh this is all so frustrating! I don't think we'll be moving house again for quite some time if this does end up being successful.
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I’m actually in this position as a buyer, mine also expires January. I asked my mortgage broker yesterday and she said that it will only be possible to get a 10 day extension at the moment with my lender. It used to be 3 months. And I have a 30% deposit.0
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I'll go back to my sleepless nights then.
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Seems like it depends on the lender. My mortgage advisor (Lloyds) said they are being accomodating with people wishing to extend, in these current times, but our buyers have said they won't be able to extend their offer. Not sure of the reason why.0
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Thanks for the feedback. I'll cross my fingers. Ours expires on the 20th Feb so hopefully we won't end up out of the fire and in to the frying pan with that.
Does anyone know how long lenders take to come back after requesting an extension? Not sure how long to leave it before I call my Estate Agent and ask.0 -
How lenders deal with extensions varies. There is no way to say how long something might take if we don't even know if the lender permits an extension.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
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Ahhh I know really. I just want a magic answer. Thank you for taking the time to answer my unanswerable question.0
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