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Mortgage extension refused (new build)
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Panda126
Posts: 49 Forumite
Hi all,
Our offer with HSBC was valid till 12th of February, however there's a delay and the completion date was set on 30th of March.
HSBC told us they can only extend up to 5 days, we were surprised as we were sure it can be extended up to 3 months.
Is that a common thing with lenders now?
Is there anything we can do, the interest rate will be much higher on a new mortgage
It's a new build mortgage
Our offer with HSBC was valid till 12th of February, however there's a delay and the completion date was set on 30th of March.
HSBC told us they can only extend up to 5 days, we were surprised as we were sure it can be extended up to 3 months.
Is that a common thing with lenders now?
Is there anything we can do, the interest rate will be much higher on a new mortgage
It's a new build mortgage
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Comments
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I am told if you request a minor change (reduce the loan by £100 or the term up or down by a year, subject to affordability of course) a new six month offer is issued.
Never tried it but other brokers report success on our broker forum, Cherry.I am a mortgage broker. 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. Please do not send PMs asking for one-to-one-advice, or representation.0 -
HSBC told us they can only extend up to 5 days, we were surprised as we were sure it can be extended up to 3 months.Is it the mortgage deal that is expiring or the age of the offer letter?
Is that a common thing with lenders now?
Fixed rate deals, for example, need to be advanced by a certain date otherwise you lose that deal and need to buy a different deal instead.
I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
Mortgage letter is expiring in February. Product that we chose is no longer available. Making a change with a product no longer available, will still add 6 months and keep the current product on the mortgage with lower interest?0
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I know nothing more than what I said. Others may know more...I am a mortgage broker. 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. Please do not send PMs asking for one-to-one-advice, or representation.0
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