Expired Mortgage Offer

Confused_landord

Today i learnt that my mortgage offer had expired due to my new property not being built on time..now the reason i have posted is that smart people on here will be able to answer a couple of questions, which are,
1.When my financial advisor arranges me a new product/mortgage how long will this take???????,as the builders are pressing me/solicitors for exchange,plus i have got a tennant that is wanting to move in beginning April,so time is tight,,will i have completed in time for this tennent
2.For my last mortgage offer that has expired,i paid something like £350.00 arrangement fee,,what has become of this fee,or will i have to pay another arrangement fee,,,,which i really hope not as this BTL is becoming costly indeed...Thank you in advance

NeilQuinn

Are you sure it was an arrangement fee & not a valuation fee? There aren't that many deals around with an up-front arrangement fee. They're normally added to the loan on completion.

As regards the speed issue, it depends on the lender. Sometimes they'll just issue a new offer for one of the products in their current range. Some lenders insist on another valuation being carried out. If it's only a matter of changing the deal with the same lender, they can normally do it straight away via a fax from your broker. Which lender is it?

Confused_landord

mmmmm actually i will just check..........maybe a valuation,,,,if so then same question applies.........its with Birmingham and Midshires..thank you for bringing that point to my attention

AndrewSmith

Confused_landord wrote: »

1.When my financial advisor arranges me a new product/mortgage how long will this take???????,as the builders are pressing me/solicitors for exchange,plus i have got a tennant that is wanting to move in beginning April,so time is tight,,will i have completed in time for this tennent

Call/get your adviser to call Birmingham Midshires first thing. They may simply be able to extend the mortgage offer. Depends on the timescale etc involved but it is definitely worth a phone call. I have known them do this in the past.

2.For my last mortgage offer that has expired,i paid something like £350.00 arrangement fee,,what has become of this fee,or will i have to pay another arrangement fee,,,,which i really hope not as this BTL is becoming costly indeed...Thank you in advance

If they will not extend the offer then, yes, you will have to pay another arangement fee.

My advice is to elect for the arrangement fee to be added to the mortgage at outset. That way you do not actually hand over any money up front except valuation/survey fees. Once the mortgage completes and you move in you can pay the equivalent of the arrangement fees as an overpayment over the first couple of months to save paying interest on them.

If it's a valuation fee then you may have to pay it again, but they may take the original valuation as written. However in today's market they may want to re-inspect to ensure the property has held it's value since the original one was carried out which would have been some months ago I would guess. Again a call to the lender will clarify the points.

Hope this helps

Andrew

Confused_landord

My advisor has extended it a few times now,,,but for some reason he said it has expired now ,,,i dont see why i cant have it expired again,,everything was going fine until this....My mortgage is only for 60% of the property as i am putting a significant amount of my own money in , so surely i am not too much a risk...................thank you all in advance for your replies

NeilQuinn

That'll be the valuation fee that you've paid then if it was £350.

Just had a look through their criteria & it doesn't mention what happens if an offer's expired & it's never happened to me with them. Some lenders will give a 30 day extension if the solicitor requests it. Worth a try.

Edit: Just noticed the previous replies ( I wasn't typing quickly enough!!)

Confused_landord

Thank you for your very helpful replies,, i am just going to look through paper work that i have...................its just that it was a good deal

Confused_landord

I have found my offer of mortgage ,,should i phone them up myself tomorrow? or am i wasting my time? i feel strange about doing it without consulting my F.Advisor???????

NeilQuinn

I'd ask your adviser to do it to be honest. The lender might insist on it anyway. He'll need to amend his records anyway & it would be courteous if nothing else.

Confused_landord

all this being said,,,,what do you think the chances are of my tennent being in for end march/april?????????? thank you

silvercar

YOu could move the tenant in the day after you complete, so it all depends on the builder and mortgage.