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Anyone applied for a Halifax mortgage offer extension recently?
akorn77
Posts: 208 Forumite
Selling my house. My Buyer has had to apply for a mortgage offer extension with Halifax. The Buyers broker has said Halifax will confirm it in 3-5 working days.
I asked my own broker what the process is. My own broker said that Halifax provide instant extensions via their portal (provided you select a new product). My broker said if my Buyers extension is taking 3-5 working days it must mean Halifax are looking into something, and there might be a problem?
Could anyone please shed some light? I'm ridiculously stressed right now, as were just a couple weeks away from completion!
I asked my own broker what the process is. My own broker said that Halifax provide instant extensions via their portal (provided you select a new product). My broker said if my Buyers extension is taking 3-5 working days it must mean Halifax are looking into something, and there might be a problem?
Could anyone please shed some light? I'm ridiculously stressed right now, as were just a couple weeks away from completion!
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I don't really understand how it works but if you select a new product, isn't that a different offer? Perhaps an extension on the same terms is a manual process so takes a few days.0
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The extension isnt being done on the same terms. From what I've been told, lenders are not providing 'grace periods' on existing offers because interest rates have shot up so fast.Ksw3 said:I don't really understand how it works but if you select a new product, isn't that a different offer? Perhaps an extension on the same terms is a manual process so takes a few days.
The Buyer will have chosen a new product / interest rate.0 -
@akorn77 I did a Halifax "extension" (as you say, it's basically selecting a new product) last month for a client and there certainly wasn't an instant new offer issued, it took a couple of days.
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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Thanks for the information! I also called Halifax and asked myself. They said its something to do with the product that was originally selected (special cashback product for FTB's). That particular product wasn't eligible for an instant offer extension via their portal. Hopefully it will be okay by the sounds of itK_S said:@akorn77 I did a Halifax "extension" (as you say, it's basically selecting a new product) last month for a client and there certainly wasn't an instant new offer issued, it took a couple of days.0 -
Does anyone know how long Halifax mortgage offers are usually valid for? Is it 3 months or 6 months?
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Halifax offers don't have an expiry date, as such.
They have a product drawdown deadline. The offer is extendable by choosing a new product as set out above.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 -
Did it go to a BA to be signed-off at the outset? If it did, it will auto-refer back for everything that happens later.K_S said:@akorn77 I did a Halifax "extension" (as you say, it's basically selecting a new product) last month for a client and there certainly wasn't an instant new offer issued, it took a couple of days.
It's usually indicated by valuer not being instructed on submission.
Egg-sucking lesson not intended.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.1 -
@kingstreet No shame at all in learning from youkingstreet said:
Did it go to a BA to be signed-off at the outset? If it did, it will auto-refer back for everything that happens later.K_S said:@akorn77 I did a Halifax "extension" (as you say, it's basically selecting a new product) last month for a client and there certainly wasn't an instant new offer issued, it took a couple of days.
It's usually indicated by valuer not being instructed on submission.
Egg-sucking lesson not intended.
This case did indeed require manual review due to the residency status of one of the applicants. 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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