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Nationwide offer expiry 'grace period'
DanFlashes
Posts: 2 Newbie
Hi
Our mortgage offer for the property we're trying to buy expires soon. When we rang to check if it could be extended, they said no but there's a 15 day 'grace period' to complete if needed.
Does anyone have any experience/knowledge of this? If the initial expiry date was say 20th August, do we have to have exchanged by then or can we exchange on 25 August and still be ok?
We'll probably end up having to reapply anyway but are wishing and hoping we can get the original offer as it's at a much better rate than what's being offered right now.
Thanks
Does anyone have any experience/knowledge of this? If the initial expiry date was say 20th August, do we have to have exchanged by then or can we exchange on 25 August and still be ok?
We'll probably end up having to reapply anyway but are wishing and hoping we can get the original offer as it's at a much better rate than what's being offered right now.
Thanks
0
Comments
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Exchange is not a milestone for the lender. Only completion counts.
If the offer expires on 20 August, the 15 day grace period ends on 4 September. You must complete before then.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 -
That's a great help, thank you!0
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