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mis-match on mortgage expiry dates
mat1964
Posts: 192 Forumite
I had hoped to be exchanging today on the purchase of a new build. However, we've hit a problem which should have been anticipated earlier.
My new build is expected to be ready early September but there is a backstop of end November which matches my mortgage expiry. However, my buyers have a mortgage offer which expires early October and whilst they are ok not to have a fixed completion date, obviously they want the latest date to match their mortgage offer from Halifax.
How easy would it be for them to get an extension to their offer, which was issued in early April? The alternative is I accept the risk that the house won't be ready and I will have to move out and rent at very short notice.
My new build is expected to be ready early September but there is a backstop of end November which matches my mortgage expiry. However, my buyers have a mortgage offer which expires early October and whilst they are ok not to have a fixed completion date, obviously they want the latest date to match their mortgage offer from Halifax.
How easy would it be for them to get an extension to their offer, which was issued in early April? The alternative is I accept the risk that the house won't be ready and I will have to move out and rent at very short notice.
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Comments
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A Halifax application sees the valuation automatically refreshed after six months and the expiry date you mention is only the drawdown deadline for the selected product. By choosing a new product, a new drawdown deadline is achieved.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.2
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