Vendor Just Pulled out😭

Omonile

Good morning everyone. I am hoping someone can help me out. I had a mortgage offer in July, that expires in November but the vendor has just pulled out, which is not kind and I feel very angry and helpless. I am now in the process of looking for a property to replace it as the broker has confirmed that Santander is willing to change the property details and extend the offer till December 30. My concern is
1. Do you guys think it could be done before the expiry of the offer(about 2 months)
2. If we did not complete it before December 30, does anyone knows if Santander will continue the application automatically as a new application with a new rate or if I will have to start all over again?
3. if I could not complete it by December 30, and I need to start a new application, would a credit check, adversely affect my credit rating? as it would have been 3 credit applications within 6months.
Any help will suit my distraught soul. Thank you

Keep_pedalling

It’s possible to complete in that time especially if you can find a seller who has had a buyer pulled and are in the same boat as you.

ACG

You usually need to apply for an extension before it expires - I am not sure about santander specifically. 
If your offer expires, you will ned to reapply. 
A credit check will have an impact, but its unlikely to make a major change. Most people can handle 2-4 credit checks in a short space of time. 

housebuyer143

It is possible to complete in that time, but I would think of it more of a long shot rather than I can do it in that time guaranteed.
If you don't complete by the 30th of December, the offer will expire and you'll have to reapply with Santander.

kingstreet

Santander products have a drawdown deadline so if completion doesn't take place by that date (which is on the front page of the offer) you have to choose a new product.

PK_London

This happened to me twice earlier on in the year and it was awful because I had sold my place and my buyer wanted to move in. My suggestion is clearly see if you can find another property. I think 2 months from agreed sale to complete on a flat is almost impossible but if its a freehold you might be OK. Also have a plan B in mind. I dont think current asking prices are reflecting high rates so if you do lose your low interest rate product and have to buy something at or around 6% then I would seriously wait for prices to lower and buy next year. Its a buyers market for sure and its not rude to say as someone paying the higher rates you're looking for a reduction of 10% or more on this summers prices.

london21

Must be so annoying, hopefully you find something better. It is possible with a straightforward property and decent conveyancing company.