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Mortgage offer expired argh!
Prc97
Posts: 11 Forumite
Hi!
(FTB completely new to this process so excuse my lack of knowledge/ any incorrect terminology haha!)
Quick background: we had our offer accepted the end of Jan and our mortgage offer 2/2/22 by HSBC with an expiration on 31.08.22. The chain wasn't complete until beginning of August, which was not enough time for things to be ready before offer expired. We pestered our mortgage advisor to assist a new application as we were coming to an end, but he tried to get an extension which failed (only got a week which we was informed about the day before haha!) and then proceeded to get new rates on 6.09.22. He spoke to HSBC, who advised that we could put an amendment (?) in as they already have done the valuations etc. on the house and already have our information, so will basically just adjust the rates. Our advisor put this application in on the same day.
However, today HSBC informed him that they will not honour the renewal and we need to put in a whole new application, despite saying last week that they would! This is extremely frustrating as we have now wasted another week and it has been almost 2 weeks since our offer expired! I would have said go elsewhere, but HSBC have the best rates and our advisor is hopeful that they may fast track the application as they do already have our info etc. (they haven't actually said this though..)
It's just our luck that everything is moving and is set to be complete by the end of the month! (all we are waiting on is top of chain's land registry which has been expedited) However if this takes the 6 weeks that it can, it's going to delay everything further
We also currently have a monthly rolling contract with our landlords which we need to give notice by the 17.09.22 to end our contract for 17.10.22, however now we aren't sure if it is going to be done it time !!
Has anyone else been in a similar situation? Have they found that reapplying with the same lender is much faster than the first time? Any advise is appreciated greatly!!
Thanks
(FTB completely new to this process so excuse my lack of knowledge/ any incorrect terminology haha!)
Quick background: we had our offer accepted the end of Jan and our mortgage offer 2/2/22 by HSBC with an expiration on 31.08.22. The chain wasn't complete until beginning of August, which was not enough time for things to be ready before offer expired. We pestered our mortgage advisor to assist a new application as we were coming to an end, but he tried to get an extension which failed (only got a week which we was informed about the day before haha!) and then proceeded to get new rates on 6.09.22. He spoke to HSBC, who advised that we could put an amendment (?) in as they already have done the valuations etc. on the house and already have our information, so will basically just adjust the rates. Our advisor put this application in on the same day.
However, today HSBC informed him that they will not honour the renewal and we need to put in a whole new application, despite saying last week that they would! This is extremely frustrating as we have now wasted another week and it has been almost 2 weeks since our offer expired! I would have said go elsewhere, but HSBC have the best rates and our advisor is hopeful that they may fast track the application as they do already have our info etc. (they haven't actually said this though..)
It's just our luck that everything is moving and is set to be complete by the end of the month! (all we are waiting on is top of chain's land registry which has been expedited) However if this takes the 6 weeks that it can, it's going to delay everything further
We also currently have a monthly rolling contract with our landlords which we need to give notice by the 17.09.22 to end our contract for 17.10.22, however now we aren't sure if it is going to be done it time !! Has anyone else been in a similar situation? Have they found that reapplying with the same lender is much faster than the first time? Any advise is appreciated greatly!!
Thanks
0
Comments
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Nearly had the same, problem at Land Registry with our purchase. Moved heaven and earth to get it sorted. Managed to get the mortgage offer extended by 2 weeks and we completed on the last day possible.
I would suggest posting on the Land registry thread to check on progress. https://forums.moneysavingexpert.com/discussion/comment/79477810#Comment_79477810
and on the mortgage board about your mortgage problems. https://forums.moneysavingexpert.com/categories/mortgages-endowmentsI'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.1
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