New build mortgage offer

taylor86

We are porting our rate direct with Halifax, haven’t used a broker this time and are about to pay the valuation fee.

Assuming it goes to offer, how long is it likely offer will be valid for? New build forecast to be ready March/April but trying to prepare for delays. 

Thanks in advance

kingstreet

Is there any increased borrowing, or are you borrowing the same or less than now?

taylor86

Increased borrowing, a green product on a current rate, 5 year fix if that makes a difference.

kingstreet

In which case, you will need to know the drawdown deadline of the new product. For example, GRP820 (fixed at 5.5% until 31/12/2028) has a drawdown deadline of 30/04/2024. GRQ566 (5.33% fixed to 31/12/2028) has a deadline of 31/05/2023. These are two recent Halifax products available upto 90%.

taylor86

Thank you for this. It’s GRQ179, looks like the deadline may be 31st May if I’m reading the illustration correctly. 

kingstreet

taylor86 said:

Thank you for this. It’s GRQ179, looks like the deadline may be 31st May if I’m reading the illustration correctly. 

If you don't complete by then, you'll need to pick a new product from the range at the time. The valuation will be refreshed automatically after six months.

taylor86

Thank you…. As rates have dropped very slightly since then, if I choose a new product will it have a longer date or are they in batches so all will be May? I’m wondering if it’s an option to hold off on paying the valuation to delay the offer to get an extra month on the other side. 

kingstreet

As products come and go, the drawdown deadlines move on. Next batch will be June 24, then July and so on...