What's the best move if my current fixed offer expires before completion?

SprostonGreenHead

So we've locked in a 5yr fix with Coventry at 3.35% (75% LTV) but there's a decent chance this deal will expire in early Feb before we can complete (I won't go into the full details here. Covered in other threads which I can link to if any interest).

Assuming today's products and rates, what is the best plan B if I need to apply for a new mortgage? Coventry themselves are offering a tracker with 2yr intro rate at BoE base +0.88% (and there's better deals than that around) *or* a 5yr fix at 4.79% (which I am sure can also be bettered elsewhere).

In theory we could afford a rate 6% and beyond, so can afford to take a risk with a tracker, but I'd like to understand what the best route to go would be given current market conditions to minimise paying unnecessary interest. Any other lender than Coventry would need to accept day-rate contract workers (outside IR35 / limited company) with >3months on contract remaining (but <6months) at the time of application.

dimbo61

Can you check if you can extend the mortgage offer for a few extra weeks.
That's a good deal and shame to lose it 

SprostonGreenHead

dimbo61 said:

Can you check if you can extend the mortgage offer for a few extra weeks.
That's a good deal and shame to lose it 

We're going to try to, yea, but we need probably 3-4 weeks for Land Registry and solicitors to do their bit. Can't ask for the extension until the offer is expiring within 30 days. My broker is actually confident we'll get an extension but I'm not convinced, so making sure I know all the options available to us, should the worst happen and we lose the offer.