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Mortgage Extension
Twins
Posts: 346 Forumite
Hello all. Just a bit of advice needed please.
Our mortgage offer is due to run out at the end of March and our chain is still open so unlikely to proceed by this date.
Our mortgage offer is due to run out at the end of March and our chain is still open so unlikely to proceed by this date.
We will have to request a mortgage extension from Santander.
Do you know how long Santander extend their offers by? Would you apply straight away or wait until the chain is formed before applying? I’m just worried about how long this chain process may take and don’t want to have to keep renewing.
Thanks in advance
Do you know how long Santander extend their offers by? Would you apply straight away or wait until the chain is formed before applying? I’m just worried about how long this chain process may take and don’t want to have to keep renewing.
Thanks in advance
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Comments
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Didn’t know at the time it was going to take so long. We were initially told by the EA that the vendors would move out and live with family but turns out that isn’t the case so now we’re stuck in a chain.Slithery said:
You shouldn't have applied for any mortgage in the first place until the chain was complete.Twins said:Do you know how long Santander extend their offers by? Would you apply straight away or wait until the chain is formed before applying?Before you ask, we’ve looked for other properties but nothing coming up in the market at the moment meeting our price.0 -
Your situation is so similar to ours, vendors promised to move into rented but changed their minds at the point of exchange! We too are with Santander, our offer expire end of April. Our broker said Santander can extend for 6 weeks a couple of times, after that they may refuse to extend further. Pants really!Twins said:Hello all. Just a bit of advice needed please.
Our mortgage offer is due to run out at the end of March and our chain is still open so unlikely to proceed by this date.We will have to request a mortgage extension from Santander.
Do you know how long Santander extend their offers by? Would you apply straight away or wait until the chain is formed before applying? I’m just worried about how long this chain process may take and don’t want to have to keep renewing.
Thanks in advance0 -
If it's easy to extend the mortgage offer, and it doesn't cost anything, I guess there's no harm in doing it.
Or maybe wait until the chain is complete, and then reapply for the mortgage.
You'll then be applying for your mortgage at the same time as the people at the top of the chain are applying for theirs. So you probably won't be holding up the chain.
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Already dealt with here;-
https://forums.moneysavingexpert.com/discussion/comment/79015869#Comment_79015869
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.0
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