Mortgage offer extension - Halifax

MazzerH

I'm in the process of buying a new build flat. My offer with Halifax (5-year fixed) expires on 30th September but it's looking increasingly unlikely that I'll be able to complete by then - the build still isn't finished, there are outstanding enquiries etc. Has anyone been successful in securing an extension on their offer recently? Mine was only 2 months to begin with.

K_S

MazzerH said:

I'm in the process of buying a new build flat. My offer with Halifax (5-year fixed) expires on 30th September but it's looking increasingly unlikely that I'll be able to complete by then - the build still isn't finished, there are outstanding enquiries etc. Has anyone been successful in securing an extension on their offer recently? Mine was only 2 months to begin with.

@mazzerH Usually with Halifax it isn't possible to 'extend' a product beyond the complete by date on the offer. However, you may be in luck.

Just received this from Halifax this morning. Don't know if it'll help in your case but your solicitor may be able to request a extension to 31 October.

MazzerH

That's very helpful, thank you! I hope it wouldn't be delayed by more than that but it's difficult to tell and I'm struggling to get hold of my conveyancer 

[Deleted User]

A 2 month offer seems strange. Maybe that’s why they are writing to extend them for a month . New builds are taking a lot longer than what ppl think to complete. If I was you I would email your conveyancer and mark in subject action required - mortgage extension! In addition I would also speak to a broker to see if can secure another agreement in principle for the property as a back up 

K_S

MazzerH said:

That's very helpful, thank you! I hope it wouldn't be delayed by more than that but it's difficult to tell and I'm struggling to get hold of my conveyancer 

@mazzerH If you're not sure of completing by 31 Oct, it may be getting your broker to secure a current rate (which in the vast majority of cases requires a full application) with another lender to protect against the possibility of rates rising significantly between now and late October. In normal times it wouldn't be worth the bother but in the current uncertain rates environment, that's the approach that I would take for clients in your situation.

kingstreet

Two months isn't the duration of the offer it's the product drawdown deadline (DDL).

How long did it take to get from application to offer? As an example, current Halifax products have a DDL of 31 March next year, or 30 September next year for newbuilds if you were applying today. I can only think you applied right at the end of the availability for products ending 30 September 2022 and then it took a while for the offer to be issued, end of July?