Mortgage Offer Extension

Rudi1990

I have a mortgage offer with Aldermore, it is due to expire on 28th May and it is unlikely we will be able to complete much before mid June.
Is it best to apply now for an extension to the mortgage offer? Is it a straight forward process or should I try to push the vendor and solicitors for completion prior to 28th May?

[Deleted User]

Probably start it sooner rather than later if you are not going to hit that date.   Process is as follows:

Extensions can be considered on a case by case basis.

• The request will need to be put in writing by the solicitors or brokers
• If the previous credit search is over 3 months old, a new search will be carried out
• A check on the valuation report is carried out to make sure this is still in date, if not a new valuation would need to be carried out.
• We will request more recent income proof 

Rudi1990

Deleted_User said:

Probably start it sooner rather than later if you are not going to hit that date.   Process is as follows:

Extensions can be considered on a case by case basis.

• The request will need to be put in writing by the solicitors or brokers
• If the previous credit search is over 3 months old, a new search will be carried out
• A check on the valuation report is carried out to make sure this is still in date, if not a new valuation would need to be carried out.
• We will request more recent income proof 

Thank you 😊 is this Aldermore’s process? I’ll get on to my solicitors first thing tomorrow.
Another quick question - the reason I’m thinking it will be delayed is because the vendor hasn’t found a new house yet so will be moving in with her parents for a while but  can’t move there till first week of June - could we exchange contracts as soon as they are ready then set a future date for completion (just for my own peace of mind)? I had the surveys back late last week along with a copy of the contract to sign so I guess there isn’t much left to do?

user1977

If your due diligence is complete and you've agreed a completion date, you can exchange contracts, yes.

Rudi1990

user1977 said:

If your due diligence is complete and you've agreed a completion date, you can exchange contracts, yes.

Thank you 😊 

Thrugelmir

Rudi1990 said:

Deleted_User said:

Probably start it sooner rather than later if you are not going to hit that date.   Process is as follows:

Extensions can be considered on a case by case basis.

• The request will need to be put in writing by the solicitors or brokers
• If the previous credit search is over 3 months old, a new search will be carried out
• A check on the valuation report is carried out to make sure this is still in date, if not a new valuation would need to be carried out.
• We will request more recent income proof 

 I had the surveys back late last week along with a copy of the contract to sign so I guess there isn’t much left to do?

That's a discussion you need to have with your solicitor to determine what's still outstanding.  

[Deleted User]

Most solicitors wouldn't be exchanging without a valid mortgage offer in place.
Getting an extension could take until June anyway if they want to re underwrite the financial aspect