5-year fixed coming to an in Oct 2023

Saint84

This is changing to a new lender 

K_S

Saint84 said:

It was via a broker.

he said AIP done yesterday. Full application done today but he he saying waiting for funds to be allocated. It’s an automated system and will check tommorow.

He says the rate has been secured… 

@saint84 Sounds like Barclays? If it was Barclays, then they do allow brokers to 'reserve' a product for a few days if it's being pulled, so your broker should have been able to secure it yesterday even without submitting the full app.

Saint84

Ah ok, that’s brilliant. Reassuring to know. Yes it’s Barclays.

Should it all go smoothly from here now then I assume? Broker said I easily pass the tests etc. the banks won’t pull their products will they?

Saint84

Also do you know how long Barclays keep offer open for. 6 months?

K_S

Saint84 said:

Also do you know how long Barclays keep offer open for. 6 months?

@saint84 Validity of 6 months from date of application.

Saint84

Thank you so much! Just a waiting game now I guess for broker to get back to me? 

Should I be hedging my bets by looking at other products just in case anything falls through? Or not worth it?

K_S

Saint84 said:

Thank you so much! Just a waiting game now I guess for broker to get back to me? 

Should I be hedging my bets by looking at other products just in case anything falls through? Or not worth it?

@saint84 There's no end to that is there! You've passed the DIP stage, I'm assuming it's a low LTV like for like remo, and you've used a broker. I would say that there's very little that can go wrong with it.

Saint84

Thank you so much! That’s very reassuring! Thanks again. Yes it’s a low LTV product! 

Saint84

Hi @K_S - got confirmation that the rate has been secured. I have been informed that the case now needs to be formally underwritten and a formal offer being issued. Happy with the rate that I got however clearly want to delay completing as long as possible.

does the 6 months start ticking when the formal offer is placed? and how would i go about asking for a +3 month extension?

K_S

Saint84 said:

Hi @K_S - got confirmation that the rate has been secured. I have been informed that the case now needs to be formally underwritten and a formal offer being issued. Happy with the rate that I got however clearly want to delay completing as long as possible.

does the 6 months start ticking when the formal offer is placed? and how would i go about asking for a +3 month extension?

@saint84 With Barclays, 6 months is from the date the full application was submitted. If that's today, then the offer (irrespective of when it's issued) will expire on 31/03 or 01/04. Afaik, there is no process to extend it beyond that date.