Mortgage offer extension or stay put before we exchange!?

md64

Hi All

we have reserved a new build in July and should have been in Xmas week. Well because of solicitors and lenders comms being so poor we still haven’t exchanged and the build had been pushed back a 4th time to ens of March. Well our offer with Kent Reliance exspires 23rd Feb and the builder wants a 6 week extension on it. Our broker isn’t optimistic that we will get one and will need a whole new application. Obviously rates are now nearly double what we got back in the summer. 

Do any brokers on here have experience with Kent giving exstenions on offers for shared ownership products? We are with Kent because I have 3 settled defaults over 3 years old and an old PDL. 

I’m very close to pulling out before we exchange and getting the solicitor to send our money back. 

Advice please xx

housebuyer143

md64 said:

Hi All

we have reserved a new build in July and should have been in Xmas week. Well because of solicitors and lenders comms being so poor we still haven’t exchanged and the build had been pushed back a 4th time to ens of March. Well our offer with Kent Reliance exspires 23rd Feb and the builder wants a 6 week extension on it. Our broker isn’t optimistic that we will get one and will need a whole new application. Obviously rates are now nearly double what we got back in the summer. 

Do any brokers on here have experience with Kent giving exstenions on offers for shared ownership products? We are with Kent because I have 3 settled defaults over 3 years old and an old PDL. 

I’m very close to pulling out before we exchange and getting the solicitor to send our money back. 

Advice please xx

I am sure most lenders allow an extension of one month but that's it after that. unfortunately.

md64

Our funds are with the solicitor ready for exchange… if we can’t get the extension then we cancel everything I’m guessing? @housebuyer143

housebuyer143

md64 said:

Our funds are with the solicitor ready for exchange… if we can’t get the extension then we cancel everything I’m guessing? @housebuyer143

If you can't proceed on the higher rates then essentially yes. Do not exchange though without an extended or new offer 

md64

@housebuyer143 no we won’t be Thankyou for the advice