Mortgage Extension

Twins

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.

Also, I was asked on another board as to why did we apply before the chain was formed and it was because we were told by the EA that the vendors would move in with family and would be a quick process but it turns out this wasn't the case and they can't move in with family.   

Thanks for your advice

kingstreet

Is it an actual offer expiry, or is it the product drawdown deadline?

Twins

kingstreet said:

Is it an actual offer expiry, or is it the product drawdown deadline?

Hi Kingstreet,  it will be an actual offer expiry.   Do you know how long Satandar extend them for?  What would your advise be on whether we should hold on applying again right now or until the chain is formed?  Thank you for your help!

kingstreet

"Offer validity

Our mortgage offers are valid for six months from date of issue or up to the product completion deadline, whichever comes first. We will consider an extension subject to the following:

• Any necessary supporting documentation is updated and resubmitted.
• We are notified of any change in circumstances.
• The case is re-decisioned and remains acceptable to Santander in line with our current mortgage lending policy.
• A new credit search and affordability assessment.
• A new product must be selected.
• An updated property valuation."

You're then okay upto the next product drawdown deadline which on today's products is 31 August.

Twins

kingstreet said:

"Offer validity

Our mortgage offers are valid for six months from date of issue or up to the product completion deadline, whichever comes first. We will consider an extension subject to the following:

• Any necessary supporting documentation is updated and resubmitted.
• We are notified of any change in circumstances.
• The case is re-decisioned and remains acceptable to Santander in line with our current mortgage lending policy.
• A new credit search and affordability assessment.
• A new product must be selected.
• An updated property valuation."

You're then okay upto the next product drawdown deadline which on today's products is 31 August.

Thank you for that!  Fingers crossed we can start to move quickly on the chain.  Really appreciate you coming back to me