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Can mortgage offer change with fixed term contract
janty321
Posts: 3 Newbie
Hello,
I hope I can get some advice here. Myself and my partner are due to complete on a property in September. We are buying the property from a developer as the owners from the house are part-exchanging their house for a new build.
I hope I can get some advice here. Myself and my partner are due to complete on a property in September. We are buying the property from a developer as the owners from the house are part-exchanging their house for a new build.
Our mortgage affordability has been determined on my parters permanent contract and my FTC which ends December 2022.
Although our mortgage has been approved. Is there a chance that this would be adjusted based on my FTC ending. For example, if I don’t have a confirmed renewal of my contract by the time that we complete?
I’m sure this is something that the lenders would have accounted for as they know that we will not complete until September 2022.
My main concern is issues arise between exchange and completion where we would be at risk of losing our deposit.
Hope someone is able to shed some light on this. Thanks 😊
0
Comments
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@janty321 With mainstream lenders, it's unlikely that they'll reassess between offer and completion in September.
If there is a delay to completion (a distinct possibility as the chain involves a new-build) and you need an extension to the offer, or a new application in September, then your contract situation at that point might come into play.
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From the sound of it, you WILL have delays, so definitely factor a fresh application in your plans. If you have a broker, make sure they know about the new build dependency.
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Thank you both. This is helpful advice.Our solicitor recommended we add in a long stop date prior to when the mortgage offer expires (end of November) which means our deposit would be protected if things were delayed beyond then.0
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