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Mortgage Extension likely?
Dazzanash
Posts: 4 Newbie
Hi all,
My partner and I are currently worried about the raising interest rates. We are first time buyers and have currently reserved and exchanged contracts on a 2 bedroom apartment. The anticipated legal completion date for the property is December 2022, however, our current mortgage offer expires on the 30th October.
We have already transferred our deposit (50k) to our solicitor. My question and worry is, what are the chances of our mortgage being extended? In light of the news, our current mortgage offer has been temporality withdrawn and the lender is currently not offering any new products to future customers at this time, though, as we are so far in the process, I am hoping they accept our extension... Any info on this would be highly appreciated!!
Thank you!!
Darryl
My partner and I are currently worried about the raising interest rates. We are first time buyers and have currently reserved and exchanged contracts on a 2 bedroom apartment. The anticipated legal completion date for the property is December 2022, however, our current mortgage offer expires on the 30th October.
We have already transferred our deposit (50k) to our solicitor. My question and worry is, what are the chances of our mortgage being extended? In light of the news, our current mortgage offer has been temporality withdrawn and the lender is currently not offering any new products to future customers at this time, though, as we are so far in the process, I am hoping they accept our extension... Any info on this would be highly appreciated!!
Thank you!!
Darryl
0
Comments
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It will depend on the lender. Some are extending, others are not. Have you asked your broker?
Don't forget that the anticipated completion date might be pushed back so any extension would ideally need to take you into the new year.1 -
Planning on calling the brokers today - fingers crossed they can provide me with some information. Might be worth getting them t apply for the extension soon I suppose?loubel said:It will depend on the lender. Some are extending, others are not. Have you asked your broker?
Don't forget that the anticipated completion date might be pushed back so any extension would ideally need to take you into the new year.0 -
Which lender please? Presumably this is a newbuild?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
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Due to past credit issues of my partner, we had to go with Vida Homeloans and yes, new build property
Thanks!0 -
Due to past credit issues of my partner, we had to go with Vida Homeloans and yes, new build propertykingstreet said:Which lender please? Presumably this is a newbuild?
Thanks!
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Dazzanash said:
Due to past credit issues of my partner, we had to go with Vida Homeloans and yes, new build propertykingstreet said:Which lender please? Presumably this is a newbuild?
Thanks!Mortgage Offer Validity
Vida's standard offer is 4 months. For New Build and Off Plan, offers are valid for 6 months. Extensions are considered subject to a fresh credit search, affordability assessment and will be based on currently available 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.1 -
I think you have zero chance of current offer being extended, they may possibly offer a new product at the current rate if still affordable to you.
Presumably you solicitor has included a long stop date which allows you to pull out penalty free once your current mortgage offer expires ?2 -
I think it’s unlikely many lenders will extend. I think they will be very cautious1
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Hi,
we had a dip with Vida before rates Went up, offered on a house which was accepted and then told mortgage advisor which by then Vida had pulled all their products. Well on Friday they put their products back on and we have a new dip and just about to start the full application
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can I ask how was the application stage with Vida? Was it straight forward or did they need a lot of documents?0
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