New build mortgage offer extension - barclays

Lils289

Hi, we have exchanged on the purchase of a new build - Our lender is Barclays and the offer will expire before the anticipated completion date. I understand Barclays extend by 6 months subject to no material change in finances and refreshed credit check.

Will they do another property valuation when the offer is extended?

Does anyone have experience of this new build extension process with Barclays that they could share?

K_S

@lils289 I don't know if it's any different direct, but as a broker - for new-build offers, I can request a 6 month extension to the offer keeping the same product (or updating to a newer/cheaper product).

The extension request will require completing this declaration at that point in time https://intermediaries.uk.barclays/content/dam/intermediaries-uk-barclays/pdf/useful-documents/residential/BAR-9916234-Hi-Crop.PDF

As far as I can remember, they won't do a full fresh valuation but there might be some background number-crunching that goes on based on indexation, etc.

As long as nothing major has changed in your circumstances, it's a fairly straightforward process.