Mortgage Offer Extensions

mage_afereld

So buying our first home has been the most stressful experience... and continues to be. (I know people always say it is, but it really shouldn't be this stressful). Anyway... we're having to put in an application for a mortgage offer extension as the new build the current occupier of the home we are buying has been delayed. What are peoples experience with this? Is it likely? How long does it take? None of our circumstances have changed, and we are likely to exchange very soon after it's approved as the back stop for the new build takes us past our expiration date. Everything else is ready to go.

We are a bit panicked as everything else is in place and now we are just waiting on this to finally get us to the finish line, but something has always gone wrong at every step of the process for us, so we are dreading the worst. Plus they're wanting Dec bank statements and as everyone knows it's the worst month for outgoings...

Any advice welcome.

user1977

Given each lender does things differently, it would help if you told us which one you're using!

mage_afereld

user1977 said:

Given each lender does things differently, it would help if you told us which one you're using!

Sorry, it's with Skipton.

gwynlas

Usually thee isn't a problem if all other circumstances unchanged.

New builds are notorius for running late

ACG

Its not uncommon for new builds to get delayed. 

Skipton will be fine with extending the offer. They may want an updated payslip/bank statement, but it should just be a formality if nothing has changed. 

It depends on skiptons SLAs at the moment, but should be done within a week. 

mage_afereld

ACG said:

Its not uncommon for new builds to get delayed. 

Skipton will be fine with extending the offer. They may want an updated payslip/bank statement, but it should just be a formality if nothing has changed. 

It depends on skiptons SLAs at the moment, but should be done within a week. 

The house we are buying is not the new build though... we are buying it from a developer as it's being px for a new build the current occupiers are buying. I'm not sure how much information the lender gets but it's strange to me they don't even want any context as to why we are requesting the extension.

While our circumstances haven't changed we did spend a lot in December, because it's obviously December. Not sure if they are going to look at that as a whole or just the regular monthly outgoings. It's just all so needlessly stressful, and I suppose worst case scenario is we need to reapply for a new mortgage... 

kingstreet

Skipton non-newbuild offer extension criteria;-

"Mortgage offers for non-new build properties are valid for 6 months from the date of the first mortgage offer. After 6 months the Society may consider extending the offer but this will be subject to an up to date credit search and up to date income and affordability checks. A new application will be required if it is 12 months from the original offer date."