Long stop completion and mortgages

(1 Post)
Bells3032 Tue 30-Jun-20 21:45:55

OK so we are considering buying a house belonging to a friend of my sister. They are moving to a new home (built by her dads company) and so are keen on us as buyers even if we can't quite afford the price they want.

We are currently chain free and living in a property owned by dhs parents so no lease and no property to sell. We've said if they take the offer we'd probably be happy to agree a long stop of say like six months with an option to pull toward by mutual agreement this suits us fine.

My concern is a mortgage. If it took six months would my mortgage agreement expire, should we only lock it in like the day before exchange. What happens if the mortgage company pulls our offer after exchange but before completion? Are they allowed to do that? Will the mortgage company not give us as much?

Before we proceed any further does anyone have any advice? Thanks

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