So angry at mortgage broker!

gandtowners

We are buying a new build and have sold our property, exchanged and very close (but not close enough) from completion. 

We used a mortgage broker for our mortgage and was assured there would be no problems extending our mortgage offer due to the common delays with new builds. 

Well now we’ve come to extend our mortgage and the broker tells us Barclays will only give two weeks!! Which is basically useless. They also need a “certificate of title” and from
my google searching you can’t get unless you have a completion date. 

I’m so angry at the broker for leaving us in this position. He’s on leave and responded to email with, don’t worry we will just apply for another mortgage. 

We chose a recommended broker and just can’t believe we’ve ended up in this stressful position. 

Any advice would be gratefully received especially as no replies expected from broker or solicitor over the weekend. 

Thanks. 

Thrugelmir

Lenders can change their criteria at anytime. These are far from normal times. 

smaa84

Barclays for intermediaries website is still showing that you can extend your mortgage offer for another 6 months on a new build property without reapplying. You just need to confirm no material changes in your application. 

[Deleted User]

gandtowners said:

We are buying a new build and have sold our property, exchanged and very close (but not close enough) from completion. 

We used a mortgage broker for our mortgage and was assured there would be no problems extending our mortgage offer due to the common delays with new builds. 

Well now we’ve come to extend our mortgage and the broker tells us Barclays will only give two weeks!! Which is basically useless. They also need a “certificate of title” and from
my google searching you can’t get unless you have a completion date. 

I’m so angry at the broker for leaving us in this position. He’s on leave and responded to email with, don’t worry we will just apply for another mortgage. 

We chose a recommended broker and just can’t believe we’ve ended up in this stressful position. 

Any advice would be gratefully received especially as no replies expected from broker or solicitor over the weekend. 

Thanks. 

Carrying on your own due diligence is smart, you don't have to rely, purely, on his information, gather all you can.

dunstonh

I’m so angry at the broker for leaving us in this position. 

The broker has not left you in that position.  Barclays is 6 months normally.  If Barclays are now saying they wont allow that long, then it is Barclays that have changed. Not the broker.

Are you sure it is the offer to lend that is being withdrawn in two weeks and not that particular mortgage deal?   Deals will often on a specific date or if the allocation of funds is met early.    A deal expiring doesn't mean they are withdrawing the agreement to lend.  It just means a new deal from their current range needs to be picked.

We chose a recommended broker and just can’t believe we’ve ended up in this stressful position. 

Buying a house is stressful.   Stress is almost inevitable.  Buying a new house is often more stressful.  Just you wait until you have to go through your snag list with the builder and all the cracks that will appear in the first two years.  And you lose money on the house value straight away most of the time leaving you hoping that house prices continue to rise.   And you never know for sure when you will be moving in as you are not just subject to the chain but also the builder being ready.  Sometimes the builders will tell the property will be ready on a date but withdraw on the day of completion. 

ACG

Easier said than done, but try not to worry.

Getting a new mortgage takes around 1-3 weeks. On the basis that a 2 week extension is not enough, you are obviously not looking to complete imminently. That gives you enough time to either sort Barclays out and get the extension you need, re-apply to Barclays or to apply to a new lender. 

gandtowners

Buying a house is stressful.   Stress is almost inevitable.  Buying a new house is often more stressful.  Just you wait until you have to go through your snag list with the builder and all the cracks that will appear in the first two years.  And you lose money on the house value straight away most of the time leaving you hoping that house prices continue to rise.   And you never know for sure when you will be moving in as you are not just subject to the chain but also the builder being ready.  Sometimes the builders will tell the property will be ready on a date but withdraw on the day of completion. 

Wow. Thanks for your positivity. 

dunstonh

gandtowners said:

Buying a house is stressful.   Stress is almost inevitable.  Buying a new house is often more stressful.  Just you wait until you have to go through your snag list with the builder and all the cracks that will appear in the first two years.  And you lose money on the house value straight away most of the time leaving you hoping that house prices continue to rise.   And you never know for sure when you will be moving in as you are not just subject to the chain but also the builder being ready.  Sometimes the builders will tell the property will be ready on a date but withdraw on the day of completion. 

Wow. Thanks for your positivity. 

I'm not one for wrapping people up in fake cotton wool telling them all will be fine when it may not be.  Tell it how it is more constructive.