Extending a mortgage offer for a new build
in Mortgages & endowments
2 replies 124 views
not sure if anyone has any ideas re this one? Daughter and partner have a mortgage offer, but the long stop date for their new build home has been pushed back a few weeks beyond when the offer expires (offer expires 28th March and long stop date is 10th April). They are both teachers so unlikely to have any material changes in income etc but are really worried that the extension is "subject to criteria". The offer is with Nationwide and their website just says when and how to apply for an extension. Housebuilder won't change the longstop but daughter needs to know how likely it is that the offer would / wouldn't be extended (they have gone through broker and solicitor but neither seem able to help). Everything is of course on a case by case basis but just wondering if anyone has been through it, and what the outcome was.
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I would never guarantee to a client that a mortgage offer WILL be extended but with all mainstream lenders that have a published established process for extending a new-build offer, the expectation is that as long as circumstances haven't changed, the lender will extend it.
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