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Has anyone been successful in securing an extension of more than 5 days on an HSBC mortgage offer?
everyfallingcurl
Posts: 7 Forumite
Our HSBC mortgage offer is expiring the day after our agreed completion date. Our solicitor has explained that this could be risky, as if completion gets delayed by our buyer we will need to serve a 10-day 'Notice to Complete' before it is classed as a failed completion.
Our broker says it's extremely unlikely we'd get any extension as it's HSBC policy not to offer them. I just wondered whether anyone had managed to get one in the past when completion date is already set? (They do offer a 5 day grace period for delays but apparently what we need is 10 days for complete peace of mind). Thanks
Our broker says it's extremely unlikely we'd get any extension as it's HSBC policy not to offer them. I just wondered whether anyone had managed to get one in the past when completion date is already set? (They do offer a 5 day grace period for delays but apparently what we need is 10 days for complete peace of mind). Thanks
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I have heard, anecdotally, if you ask for a small reduction in the mortgage amount, say £100, a new offer is issued with a new six month expiry date. Never tried it myself.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.1
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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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I'll second what Kingstreet said above. It's a bit of 'trick' I've heard brokers may use to extend the offer, probably a loophole on HSBC's system!
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.
PLEASE DO NOT SEND PMs asking for one-to-one-advice, or representation.
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Hey
So the "trick" does work
I had a mortgage offer due to expire 19/09/23 but the vendor pulled out and I had to find another property, which I have but expected completion is 01/10/2023. As I've changed the property on the mortgage offer I was given an extra 6 months at the same initial rate. I'm sure if you put an extra £1k on your deposit then HSBC will need to refer it back to the underwriters who should give you another 6 months0 -
it still works but they have closed 1 part of it which is if you borrow £1 more than the previous offer then the whole thing is done on a new product
So reduce the borrowing by £100 and you will get the new 6 month offer.
They dont do extensions otherwise OP0
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