Halifax Mortgage Offer New Build Expiry Time Frame?

philng

Daughter is looking at a new build which has a released property but build completion date of between November 2021 & January 2022. I assume mortgage offer lasts 6 months but will Halifax allow an extension to the dates stated easily enough? If not how do people get round the new build timeframe issue?

RelievedSheff

Mortgage lenders will usually extend the offer expiry date for new builds.

robrymond

I'm in this situation now, Virgin gave us 7 months and I noticed that today they end there 5x lending criteria which means we'd have very few options come June when it expires (if nothing changes by then). Currently my broker is trying to find out the extension as were told build would be June but its been delayed yet again! 

K_S

robrymond said:

I'm in this situation now, Virgin gave us 7 months and I noticed that today they end there 5x lending criteria which means we'd have very few options come June when it expires (if nothing changes by then). Currently my broker is trying to find out the extension as were told build would be June but its been delayed yet again! 

@robrymond Unfortunately, there has been a very recent tightening of LTI limits across lenders. Hopefully you can still find one that you qualify for if the Virgin one expires.

robrymond

K_S said:

robrymond said:

I'm in this situation now, Virgin gave us 7 months and I noticed that today they end there 5x lending criteria which means we'd have very few options come June when it expires (if nothing changes by then). Currently my broker is trying to find out the extension as were told build would be June but its been delayed yet again! 

@robrymond Unfortunately, there has been a very recent tightening of LTI limits across lenders. Hopefully you can still find one that you qualify for if the Virgin one expires.

Yes, it seems as lenders have started to tighten up despite them now taking bonuses into account which is annoying. I guess this is ahead of the launch of 95% products too.

philng

Just checked with Halifax. Mortgage offer is 6 months but should be able to extend BUT a big BUT maybe subject to reassessment then & I subject to Lending Criteria at that time & maybe a change in rates which on a big mortgage could be a game changer if it goes significantly against you. Seems a bit off housebuilder wanting exchange within 6  weeks knowing they wont complete build of house for 8 to 11 months but I guess with high demand they can get away with it. 

robrymond

philng said:

Just checked with Halifax. Mortgage offer is 6 months but should be able to extend BUT a big BUT maybe subject to reassessment then & I subject to Lending Criteria at that time & maybe a change in rates which on a big mortgage could be a game changer if it goes significantly against you. Seems a bit off housebuilder wanting exchange within 6  weeks knowing they wont complete build of house for 8 to 11 months but I guess with high demand they can get away with it. 

Yes its annoying, we had 7 months with Virgin and you basically have to go through all the criteria again. We're looking at 10 months from exchange.