new build delay(4 Posts)
Hello just wondered if anyone has been here before and if we are as as snookered as I think we are...
Bought a nee build property off plan. Assured by mortgage advisor verbally that in the event of a delay the product could be extended by six months. After getting mortgage offer find out it cannot be extended, except by 2 weeks...
Tell developer this. They inform us they are now a month behind taking us into 2 week extension period. They assured us it should be ok though and they would do their utmost to finish in time so we could complete within original mortgage.
Last month we spent some extra money on house and at that time we were verbally assured eveything was on track.
Yesterday they informed me "there has been confusion", it won't be done on time and we need to reapply for anotjer mortgage. Thankfully we are able to stay in out current rental a bit longer.
I am annoyed that I have spent money on fancy tiles I now need for extra fees. If they had just been more honest with us, I would feel a lot better. There has been no bad weather affecting build or other major issues apart from site manager leaving and thinks going into dissary.
Has anyone been here before and if so how would you recommend I try to resolve this ?
daphne this happend to us 2007/2008 due to the bank crisis. We offered on an off plan property in August 2007, with a completion date on March 2008. There were huge cash flow problems with the site, people pulling out of buying/loosing mortgages (as well as useless site manager). It came to March and our house was only half built and our mortgage offer expired. We were with Santander, our broker explained the situation and they offered to extended for another 6 months but we had to pick a new rate. It didn't cost us anything. We were so lucky as if we had had to reapply we have a feeling they would not have lent the amount they did.
Seems odd that they wont just let you pick a new product and just extend the offer. Can you approach the lender direct and see what the situation is ?. After all things are getting easier with mortgages, when it happened to us we were in the bleakest of times.
Hope things work out for you.
Thank you! We have a bit of a strange mortgage set up hence the 2 weeks. Luckily we can still get same rates and not be too out of pocket.
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