Lloyds Mortgage Offer Expiry

TippingGreen42

Hi all!

We’re in the process of buying a new build at the moment and exchanging contracts in a couple weeks. The house is due for completion at the start of October but our mortgage offer ends at the end of November. Doesn’t seem to be any delays at the moment, but just thinking ahead incase there is. Anyone had any experience with getting mortgage extensions with Lloyds bank? Or what the process is and whether they look into financials again? 

Unfortunately we’re pretty at risk due to our long stop date looking to be quite far ahead (not been told the date yet). But this seems the norm in new builds apparently. 

Thanks in advance! 

K_S

@TippingGreen42 I don't know about Lloyds at they are direct-only.

But with Halifax (their sister company), you can't 'extend' the offer beyond the date on the offer, you will need to pick a new product/rate available at the time. Hopefully Lloyds is not the same and will allow you to extend and keep the same rate.

TippingGreen42

K_S said:

@TippingGreen42 I don't know about Lloyds at they are direct-only.

But with Halifax (their sister company), you can't 'extend' the offer beyond the date on the offer, you will need to pick a new product/rate available at the time. Hopefully Lloyds is not the same and will allow you to extend and keep the same rate.

Thanks for the info. It was a 5 month offer which makes me think the product drawdown deadline expires at the same time also. If we need to pick a new product, would we have to go through the application and finances all again? Like submitting payslips etc? 

K_S

TippingGreen42 said:

K_S said:

@TippingGreen42 I don't know about Lloyds at they are direct-only.

But with Halifax (their sister company), you can't 'extend' the offer beyond the date on the offer, you will need to pick a new product/rate available at the time. Hopefully Lloyds is not the same and will allow you to extend and keep the same rate.

Thanks for the info. It was a 5 month offer which makes me think the product drawdown deadline expires at the same time also. If we need to pick a new product, would we have to go through the application and finances all again? Like submitting payslips etc? 

@tippinggreen42 With Halifax intermediary applications, you don't need to go through the full application again. The valuation might be 'refreshed' automatically and the application re credit-scored (again automatically). Not sure about how exactly it is with Lloyds direct apps but likely to be similar.

kingstreet

Halifax product DDLs are always Mar, June, Sept, Dec so I'm not sure Lloyds works in the same way if the OP's expiry date is 30 Nov.