We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Chances of mortgage offers being extended at the same rate - slim?
BSW89
Posts: 89 Forumite
Our buyer's mortgage offer (equity release, if it matters) is about to expire and we've not managed to exchange yet (because her solicitor and the separate solicitor her lender appointed have been very slow, and her mortgage offer was only valid for 3 months anyway).
We are hoping she has applied for an extension but don't know. Even if she has, I'm worried it will be rejected and she will end up pulling out rather than accepting a higher rate.
Our own mortgage offer runs out at the end of November so we have a bit of time but it's not that long to find a new buyer and complete conveyancing.
With everything in the press at the moment about lenders pulling mortgage products, I'm assuming this also means they'll be reluctant to extend existing offers at rates locked in months ago?
We are hoping she has applied for an extension but don't know. Even if she has, I'm worried it will be rejected and she will end up pulling out rather than accepting a higher rate.
Our own mortgage offer runs out at the end of November so we have a bit of time but it's not that long to find a new buyer and complete conveyancing.
With everything in the press at the moment about lenders pulling mortgage products, I'm assuming this also means they'll be reluctant to extend existing offers at rates locked in months ago?
0
Comments
-
Many ER offers have a 42 day validity with 42 days extension available at same rate. New rate is required after that. This applies to some More2Life, some Canada Life and Standard Life products.
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.0 -
Really? That suggests she may have already got the first extension and won't get another. Is it ever realistic to expect a chain to complete and a transaction to go through in that time frame? And if so, surely our estate agent would know that and should be expected to mention it when we were deciding whether to accept the offer? (All the estate agent told us was "she requires a small mortgage" - we only believe it's an ER because the surveyor mentioned it.)kingstreet said:Many ER offers have a 42 day validity with 42 days extension available at same rate. New rate is required after that. This applies to some More2Life, some Canada Life and Standard Life products.0
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.6K Banking & Borrowing
- 254.4K Reduce Debt & Boost Income
- 455.5K Spending & Discounts
- 247.4K Work, Benefits & Business
- 604.3K Mortgages, Homes & Bills
- 178.5K Life & Family
- 261.8K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards