Help - mortgage offer expiring before completion

Napo100383 · 9 January 2018 at 9:37PM

Hi ,

I am new to this forum and have a query regarding what to do when the mortgage offer is due to expire and the lender is refusing to extend.

Long story short,I am buying a Shared Ownership property that was due to be completed in October, - the date kept getting delayed and now at the point where the housing agency won't tell me when it is due to be completed - they keep emailing to say I will get an update in X amount of days. The next update is due on Friday but I am not optimistic I will get an idea of when the flat will be complete due to the history.

In the meantime, my broker has informed me that my mortgage offer is due to expire in one month and advised that I ask my solicitor to ask the lender for an extension. The lender has refused. My solicitor was unable to give me a reason for why the extension was refused and told me my broker should sort it out.

I am a FTB and so stressed and worried I might lose this owing to inefficiency that is no fault of my own.

I am just hoping to see if anyone has any advice- my broker is the only one who seems to care about my situation. The housing association keep saying the completion dates are out of there hands, while my solicitor doesn't seem to care.

In the meantime, I have had to move out of my rented accom so am crashing on friends couches - therefore if I have to reapply for a mortgage I have no address!

Can anyone advise or share similar experience- feeling very alone and stressed out.

Thrugelmir · 9 January 2018 at 10:52PM

While your lender will not extend the offer. It does not mean that will not issue a new offer subject to a new application.

Napo100383 · 9 January 2018 at 11:02PM

True,but am v worried about doing a new application now as I am crashing on friends couches as my landlord put my old flat up for sale. Therefore , I have no address.

Thrugelmir · 9 January 2018 at 11:15PM

Napo100383 wrote: »

Therefore , I have no address.

No reason for this to be an issue. As there's a perfectly plausible explanation. You must have somewhere for your mail to be sent.

Napo100383 · 9 January 2018 at 11:20PM

I'm getting it sent to work. Sorry,just so stressed out.

Lungboy · 10 January 2018 at 12:04AM

Napo100383 wrote: »

my landlord put my old flat up for sale.

Why did that mean you had to move out?

Napo100383 · 10 January 2018 at 12:18AM

Because he gave us notice to move out due to putting flat up for sale. Assume he is doing up beforehand.

kingstreet · 10 January 2018 at 9:20AM

A new application is the route to be taken.

Please speak to your broker about doing this sooner, rather than later.

Napo100383 · 10 January 2018 at 10:38AM

Thanks - I have spoken to broker and she is trying to get more information from the housing association on the delay - they are due to give another update in the next few days.

Can you apply for a new mortgage while another offer is still valid - my current mortgage does not expire until mid Feb so my view is it is best to wait (incase the flat completes)? But I have no idea how these things work:(

Mortgage_Adviser · 10 January 2018 at 10:49AM

Napo100383 wrote: »

Thanks - I have spoken to broker and she is trying to get more information from the housing association on the delay - they are due to give another update in the next few days.

Can you apply for a new mortgage while another offer is still valid - my current mortgage does not expire until mid Feb so my view is it is best to wait (incase the flat completes)? But I have no idea how these things work:(

As suggested above, ask your broker to check with the lender if they would willinmg to issue you a new offer when the current expires. They may be able to do it for a small fee. The offer would be for the mortgage product available with the lender at the time of issue so not necessary the same rate you have initially applied for.

kingstreet · 10 January 2018 at 12:07PM

Napo100383 wrote: »

Thanks - I have spoken to broker and she is trying to get more information from the housing association on the delay - they are due to give another update in the next few days.

Can you apply for a new mortgage while another offer is still valid - my current mortgage does not expire until mid Feb so my view is it is best to wait (incase the flat completes)? But I have no idea how these things work:(

We're newbuild specialists and we have recently had a glut of extensions and re-applications.

Each lender's attitude is different, but if your lender will not extend, a new application is the only option and your broker would simply note the existing application number when submitting the new one.

Help - mortgage offer expiring before completion

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