Mortgage offer expiry date flexibility?
Discussion
Hello all.
In the process of moving to a larger property and sold our currently place really quickly within a few days.
Everything was progressing well with the solicitor side when our buyers buyer has annoyingly got cold feet and pulled out. The place we are moving into are happy to wait as they are downsizing into rented.
I’m eager to continue but the one issue I have is my formal mortgage offer runs out end of February. If my buyers have a delay in re selling theirs how flexible are mortgage companies in extending this date as currently the fix is for 3.7% which can’t see getting that again in February? Let’s say we’ve exchanged a few weeks before will they like extend the mortgage offer? If not financially could really change things. I have contacted the mortgage company and they said only in exceptional situations.
Any help would be great.
Thanks
In the process of moving to a larger property and sold our currently place really quickly within a few days.
Everything was progressing well with the solicitor side when our buyers buyer has annoyingly got cold feet and pulled out. The place we are moving into are happy to wait as they are downsizing into rented.
I’m eager to continue but the one issue I have is my formal mortgage offer runs out end of February. If my buyers have a delay in re selling theirs how flexible are mortgage companies in extending this date as currently the fix is for 3.7% which can’t see getting that again in February? Let’s say we’ve exchanged a few weeks before will they like extend the mortgage offer? If not financially could really change things. I have contacted the mortgage company and they said only in exceptional situations.
Any help would be great.
Thanks
Caddyshack said:
Hifly130 said:
Caddyshack said:
Which lender?
Santander have an auto 1 month at the moment and NatWest allow 1 month extra.
It’s with Virgin money Santander have an auto 1 month at the moment and NatWest allow 1 month extra.
Does anyone know if doing a part exchange on a new build is a quicker process? ( Fully except the exchange price will be rubbish).
It’s not our buyer who has pulled out but our buyers buyer. Our buyer is still very keen to proceed.
Back in August we had a lot of interest with multiple offers within a few days of going on market so that’s always an option to go back on market and maybe find a buyer for ours with little or no chain.
Problem is 1st time got a good price not sure well will get that again. For myself it’s time which although still 4 months away I’m not convinced will be completed by then ( I’m not sure what the average length to complete on a house is).
Back in August we had a lot of interest with multiple offers within a few days of going on market so that’s always an option to go back on market and maybe find a buyer for ours with little or no chain.
Problem is 1st time got a good price not sure well will get that again. For myself it’s time which although still 4 months away I’m not convinced will be completed by then ( I’m not sure what the average length to complete on a house is).
If it’s of any use we managed to move within 2 months earlier this year. 1 in the chain above and 1 below.
I did have to put the pressure on though chasing up and down the chain a few times a week.
It’s definitely still possible, it just depends on how eager to your buyer is to sell their property with the landscape probably looking a little different to what it was a few months ago.
I did have to put the pressure on though chasing up and down the chain a few times a week.
It’s definitely still possible, it just depends on how eager to your buyer is to sell their property with the landscape probably looking a little different to what it was a few months ago.
We had our offer accepted end of October 21. We were due to exchange in the new year, but bottom of the chain collapsed, there were also land reg issues with our purchase. Our lender extended for 6 months from the date the problems arose (so probably a 3 month extension to original 6 month agreement).
We then had further issues with our purchase in the summer - our lender again agreed to extend our offer until the end of this month.
All of this I sorted myself, no solicitors or estate agents involved. I just called my lender, explained the situation, and within a few days they reissued the paperwork with new expiration dates. It’s always worth having a chat with you lender.
We still haven’t exchanged/completed, but that’s a whole other story
We then had further issues with our purchase in the summer - our lender again agreed to extend our offer until the end of this month.
All of this I sorted myself, no solicitors or estate agents involved. I just called my lender, explained the situation, and within a few days they reissued the paperwork with new expiration dates. It’s always worth having a chat with you lender.
We still haven’t exchanged/completed, but that’s a whole other story
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