Santander mortgage offer extension

emm12345

Hi, we’ve received mortgage offer with Santander. The front page of the document states ‘the below information is valid until 13th September’. Our new build isn’t going to be completed until the end of November - will we have to reapply for mortgage again or just update the product? We were told that it will be just product change rather than reapplication but can’t find that info anywhere on the offer documet.. 

kingstreet

I can't see any product drawdown deadlines for 13 September, so I wonder if that is the date the valuation goes stale? Was it done on 13 March?

The drawdown deadlines I can see on current products are August and November.

Assuming it's the valuation, you would need to have it refreshed when it gets two weeks before and if the product does pass its deadline before completion, you would then choose a new product.

Newbuild offer validity;-

Our mortgage offers are valid for six months (including products with a nine month deadline). 

The expiry date of the offer will be led by whichever comes first from the following:

• The offer end date (six months from the date of issue);
• The product completion date (found on our latest mortgage rates when the product was selected); or
• The valuation expiry date (valuations are valid for six months from the inspection date).

If you need to extend an offer you need to:

• Upload the request to MATS and confirm the expected completion date;
• Upload a new product to MATS if the current one has expired - the product can be updated at any time; and
• Upload up to date proof of income.

We will then:

• Re-score the case and complete a new credit search;
• Make sure it still meets our lending policy and affordability assessment;
• Request any further documentation (if needed);
• Request a new valuation (if needed). Please note that a valuation can only be extended in the last two weeks of its validity period.

emm12345

Great, thanks a lot. Valuation was done on the 17/03 and we were told that offer expires on 13/09 and mortgage product valid until the end of November. Wish the developers were not pressurising us to apply for mortgage and rushing us to exchange but it looks like we’ll have to be careful with spending/not change anything until then.