Extending a mortgage offer for a new build

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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  • K_SK_S Forumite
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    @trifolium Any day from 28 Feb (1 month prior to expiry), the broker can apply for a 45 day extension by confirming that the applicant's circumstances haven't changed, it's a very straightforward process. I've done one new-build extension this year with Nationwide and it went through as expected. I've done many extensions (both new-build and non new-build) with other mainstream lenders and they've all gone through as you would expect them to, even after the mini budget.

    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.
    Trifolium said:
    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. 

    I am a Mortgage Adviser - 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. 

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  • TrifoliumTrifolium Forumite
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    K_S said:
    @trifolium Any day from 28 Feb (1 month prior to expiry), the broker can apply for a 45 day extension by confirming that the applicant's circumstances haven't changed, it's a very straightforward process. I've done one new-build extension this year with Nationwide and it went through as expected. I've done many extensions (both new-build and non new-build) with other mainstream lenders and they've all gone through as you would expect them to, even after the mini budget.

    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.
    Trifolium said:
    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. 
    That's really helpful, thanks. Appreciate no one can guarantee but learning of experiences like that is really useful 👍
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