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Mortgage Offer only 4.5 months validity??
akorn77
Posts: 208 Forumite
I'm currently selling my house. My buyer got their mortgage offer in Mid-Feb with one of the high street banks but weirdly the offer expires end of June. To get some information I spoke to my own broker who said this particular lender always gives 6 months validity and that banks always give 3 or 6 months, so to see a validity of 4.5 months is bizarre. The lenders website seems to suggest they do not offer extensions. The Buyer is currently enquiring with the lender.
Could the lender have made an error?
And do lenders give a few days grace period? We literally only need a 1 day extension in order to complete
Could the lender have made an error?
And do lenders give a few days grace period? We literally only need a 1 day extension in order to complete
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Comments
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Is it an offer expiry date or a product drawdown deadline? Which lender?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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The buyer enquired with his broker and they confirmed its the mortgage expiry date. I dont know who the lender is (waiting for clarification), but I believe its Nationwide from what my EA told me a few months back.kingstreet said:Is it an offer expiry date or a product drawdown deadline? Which lender?0 -
@akorn77 A Nationwide offer is valid for a true 180 days from issue.
For some other mainstream lenders it can vary from 5-7 months depending on the timing of the application and the product expiry date.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.
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If it's Nationwide it's an offer expiry date.
If it was only four and a half months, it's because the valuation was done well before the offer was issued as it's six months from valuation, not six months from offer.
No extension option. It's a reapply job after a short grace period.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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