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  • FIRST POST
    • Chickenman1108
    • By Chickenman1108 10th May 18, 6:19 PM
    • 30Posts
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    Chickenman1108
    Mortgage offer due to expire
    • #1
    • 10th May 18, 6:19 PM
    Mortgage offer due to expire 10th May 18 at 6:19 PM
    Evening all
    I hope you can help me.
    I am in the process of buying my first property. It is a new build.
    So far my completion date has been moved about half a dozen times (very annoying).
    My estimated completion date is now 1st June, although the site manager sort of implied that it may now be the 8th June. They simply wont commit to a date.
    Here's the issue:
    My mortgage offer expires on the 7th June. One day before what might now be my completion date. I have been given an extension already and they have made it very clear (Nationwide) that there will be no further extension.
    It is my understanding that my solicitor would apply for my mortgage funds a few days before completion to ensure that funds are cleared.
    So my question is, if they apply for the funds a few days before the 8th then that technically is still within my mortgage offer period. Would Nationwide allow this? Or does my actual completion date have to be within the offer period?
    Any help you can give would be greatly appreciated.
Page 1
    • lmartin87
    • By lmartin87 10th May 18, 8:42 PM
    • 18 Posts
    • 2 Thanks
    lmartin87
    • #2
    • 10th May 18, 8:42 PM
    • #2
    • 10th May 18, 8:42 PM
    I believe that solicitors are only able to use funds from Nationwide to complete if completion is within offer period... otherwise they have to be returned.
    • lmartin87
    • By lmartin87 10th May 18, 8:44 PM
    • 18 Posts
    • 2 Thanks
    lmartin87
    • #3
    • 10th May 18, 8:44 PM
    • #3
    • 10th May 18, 8:44 PM
    My offer from NW says:

    "The conveyancer must not exchange contracts unless completion will take place within the validity period of the Mortgage Offer as the offer CANNOT be extended."
    • amnblog
    • By amnblog 10th May 18, 9:10 PM
    • 10,649 Posts
    • 4,215 Thanks
    amnblog
    • #4
    • 10th May 18, 9:10 PM
    • #4
    • 10th May 18, 9:10 PM
    They will extend once but no further.

    We had the very same with a Client this month and we had a note added to the file to extend to the 16th. Then made it clear they should complete by next Tuesday. The funds have now been released for them to do so.

    If you do not complete in time you are looking at a reapplication.
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, 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.
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