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Mortgage offer expired close to exchange of contracts
hairymaclary
Posts: 13 Forumite
I am very close to exchange of contracts on a property sale, only to be informed yesterday that the mortgage offer of someone in the chain has expired (it's a first time buyer). No idea why this wasn't foreseen, but we are where we are.
They are apparently finding out from the lender whether the mortgage offer can be extended. Has anyone else been in this situation? If so, what was the outcome? I'm not getting my hopes up, but this process has been going on for six months already, so i'll be devastated if it falls through at this stage. Hoping for some positive stories, although I appreciate mortgage rates have gone through the roof recently!
They are apparently finding out from the lender whether the mortgage offer can be extended. Has anyone else been in this situation? If so, what was the outcome? I'm not getting my hopes up, but this process has been going on for six months already, so i'll be devastated if it falls through at this stage. Hoping for some positive stories, although I appreciate mortgage rates have gone through the roof recently!
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Comments
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likely to get renewed but no product may need to be chosenDon't put your trust into an Experian score - it is not a number any bank will ever use & it is generally a waste of money to purchase it. They are also selling you insurance you dont need.1
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They are unlikely to be unable to get a new or extended offer after 6 months unless something dramatic has happened to them. They might even get a better offer now interest rates have stabilised.1
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A friend of a friend recently had their entire chain collapse because one person's mortgage offer expired, I also know someone else who managed to get a seven day extension and that was a hard deadline, so everyone worked together, threw more money at solicitors and it got done.1
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Can depend on the bank. HSBC are pretty strict on their 6 months (or at least they were a few years ago) and while they may fast track it, they'll demand their fee again.Peter
Debt free - finally finished paying off £20k + Interest.1 -
You would usually deal with a forthcoming expiry before it happens. Some lenders have an easy extension process, some have none and HSBC, mentioned above, can be done with a small amendment to the loan amount which creates a new six month offer.
Without knowing the lender concerned, it's impossible to speculate but the worst case scenario is a new applicationI 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.2 -
Lenders are very variable at the moment on whether they are offering extensions or not. It would also be unusual for the offer to be allowed to expire before a request to extend was made, so my suspicion would be that in fact the request has already been made, and not granted.
it may be as said above that the borrower applying for a new product from the same lender will be a far faster process than the original application - but this is far from certain I’m afraid. Sorry not to be offering more cheerful news!🎉 MORTGAGE FREE (First time!) 30/09/2016 🎉 And now we go again…New mortgage taken 01/09/23 🏡
Balance as at 01/09/23 = £115,000.00 Balance as at 31/12/23 = £112,000.00
Balance as at 31/08/24 = £105,400.00 Balance as at 31/12/24 = £102,500.00
£100k barrier broken 1/4/25SOA CALCULATOR (for DFW newbies): SOA Calculatorshe/her1
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