PLEASE READ BEFORE POSTING

Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.

Can mortgage offers be renewed or extended past 6 months?

I accepted an offer on my house 2 months ago but due to the drastic shortage of houses available for sale I have yet to find somewhere. The estate agent who sold my house said I have about a month to find somewhere as the people that want to buy my house have a mortgage offer that only lasts for 6 months. What I don't understand is why they can't get it renewed or get another one?

With regards to the sale falling through if it does I know there are a lot of buyers and the houses are selling within days locally to me. I sold mine in a day and if it does fall through I'm sure it will sell again. Just don't want to keep letting people down if I can't find anywhere to move into.

Comments

  • davidmcn
    davidmcn Posts: 23,596
    Name Dropper First Anniversary First Post
    Forumite
    Isn't renting an option?
  • always_sunny
    always_sunny Posts: 8,314 Forumite
    most lenders usually extend the offer, so long your conditions haven't changed, it shouldn't be a problem. Have you asked your lender?
    EU expat working in London
  • kingstreet
    kingstreet Posts: 38,691
    First Anniversary Name Dropper Photogenic First Post
    Forumite
    It depends entirely on the lender.

    Nationwide gives only a two week extension, then it's a new application. Halifax you can change products regularly and it's the product drawdown deadline which determines expiry.

    Others are somewhere inbetween so you would need to know the lender concerned.
    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.
  • LEJC
    LEJC Posts: 9,618 Forumite
    If the purchaser wants to extend their mortgage offer then they must speak to the lender to do this...we had an offer extended purely because time was really running low at the end of what turned out to be a very fragmented purchase.

    however what I will say is you don't come across as a very motivated seller...yes houses may be selling fast in your area and you may be confident of re selling if these buyers do pull out....but dont forget that they will have spent money to get where they are with the sale/purchase so far,and presumably the goal for them is to eventually own the property you are selling them.....

    it all comes down to both parties being in the frame of mind that they both want to move
    frugal October...£41.82 of £40 food shopping spend for the 2 of us!

    2017 toiletries challenge 179 out 145 in ...£18.64 spend
  • kingstreet
    kingstreet Posts: 38,691
    First Anniversary Name Dropper Photogenic First Post
    Forumite
    I accepted an offer on my house 2 months ago but due to the drastic shortage of houses available for sale I have yet to find somewhere.
    Someone should have advised your buyer not to go running off spending money on mortgage applications and legal work until you had found somewhere and the chain was fully formed.
    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.
  • Yes I am surprised myself with that one as my estate agents are fully aware of my circumstances in that I can only move until I have found a suitable house to buy. I have been unlucky in that one of the houses we liked sold the day I accepted the offer on mine, one that came up and we expected to get as offered asked price sold to someone else above asking price and another we put an offer on close to asking that's been for sale for 4 months isn't budging on price. Still for sale as she's asking a little too much. We're looking every day and so long as there's space to extend would consider a smaller home to. I am very motivated and really want to move but I have advised my solicitor I'm not completing any paperwork to proceed with the sale until I find a home to buy.

    I hope my buyers haven't shelled out too much money but yes I agree that as they had a mortgage in principle they could have waited until I found somewhere to go ahead with the mortgage offer part. Until I find a home there is no sale :( Thought things might have picked up a little now it's nearly spring but things are no different to January, it's very slow with houses coming on in the area I need to buy in, I can't move far because of my children needing to get to school. I disagree with moving them schools because it's very disruptive and my daughter has only just settled in.
  • hazyjo
    hazyjo Posts: 15,468
    First Anniversary Name Dropper First Post Photogenic
    Forumite
    Many charge £1k or more to fix a mortgage. Not all will extend. Your buyer obviously won't want to pay that charge more than once.


    As above, their fault really for starting the buying process.


    Jx
    2023 wins: *must start comping again!*
  • nicmyles
    nicmyles Posts: 279
    First Anniversary Name Dropper First Post
    Forumite
    edited 17 March 2017 at 2:10PM
    The answer is they probably can. But if I'd been hanging around for two months for my vendor to find somewhere else, I'd be starting to think about ultimatums as well. What's the point of investing time and potentially money in extending or renewing a mortgage offer if you don't have confidence in the vendor?

    I disagree this is their fault - they are probably concerned as to whether or not you are serious about selling. And from what you've said, they're probably right to be. They'll be looking for some sort of sign that you're prepared to be flexible to get the deal done, and it doesn't appear that that's going to be forthcoming.

    If you're really not that bothered about keeping the buyer, just refuse all ultimatums, but be prepared for the fact that eventually they may pull out.

    Edit to add: What I mean is, it's not all about them working round you. They are completely within their rights to exert pressure and negotiate to get what they want, i.e. your house asap.
This discussion has been closed.
Meet your Ambassadors

Categories

  • All Categories
  • 342.5K Banking & Borrowing
  • 249.9K Reduce Debt & Boost Income
  • 449.4K Spending & Discounts
  • 234.6K Work, Benefits & Business
  • 607.1K Mortgages, Homes & Bills
  • 172.8K Life & Family
  • 247.4K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.8K Discuss & Feedback
  • 15.1K Coronavirus Support Boards