Mortgage Holiday Let

jellybean92

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.

user1977

jellybean92 said:

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

@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.

jellybean92

Thanks, I have asked them, for some reason there is no mention of expiry on the offer letter..