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Mortgage Holiday Let

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Hi Guys,
We are mortgaging our holiday let to free up some capital to purchase another holiday let - we have received our mortgage offer, and the lender is asking for us to sign the Mortgage deed - however, we are yet to find a property after our initial purchase fell through a couple of weeks ago. For this reason, we would like to delay taking on the mortgage for a couple of months at least. If we sign but do not date the deed are we legally obliged to take on the mortgage? Or can we sign and just ask them to strike it off if we don't find anything quickly enough?
Also, we aren't able to find any info relating to the time period within which we have to accept before we lose the mortgage offer, presumably we can just ask them for this info?
Probably stupid questions but help much appreciated.
Thank you.

Comments

  • user1977
    user1977 Posts: 17,722 Forumite
    10,000 Posts Seventh Anniversary Photogenic Name Dropper
    edited 4 May 2022 at 9:57PM

    If we sign but do not date the deed are we legally obliged to take on the mortgage? Or can we sign and just ask them to strike it off if we don't find anything quickly enough?
    Also, we aren't able to find any info relating to the time period within which we have to accept before we lose the mortgage offer, presumably we can just ask them for this info?

    Or just read the mortgage offer again - you've probably missed it somewhere.

    You could return the signed deed and ask them not to complete until you say so, but I don't see what purpose that would serve though? Just wait until you're ready to complete.
  • K_S
    K_S Posts: 6,877 Forumite
    1,000 Posts Fourth Anniversary Photogenic Name Dropper
    @jellybean92 Unless I'm missing something obvious, surely you can just delay completion of the remortgage for as long as the offer is valid? The expiry date of the offer should be on the offer letter.

    Might be worth asking this question to your broker, conveyancer, or lender.

    I am a Mortgage Adviser - 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.

  • jellybean92
    jellybean92 Posts: 7 Forumite
    First Anniversary First Post
    Thanks, I have asked them, for some reason there is no mention of expiry on the offer letter..
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