Mortgage offer extension

[ellie1878]

Hi all, our mortgage offer is due to expire in June, after 6 months. Our vendors are taking ridiculously long to find a new property so us and our buyers have been waiting for them since November!! 😩

If we have to ask for an extension in June, what is the likelihood they will ask for bank statements and payslips again? I am now on maternity leave but still getting full pay until June, then I will be on statutory maternity pay. Will we still be able to borrow the same amout we originally were accepted for? As maternity leave is only temporary, I will be returning to work in Dec.

Any advice welcome 😊

I got my mortgage offer whilst in maternity. Went back to work 4 days before we completed. Didn't impact on how much I could borrow - my employer / employment is stable, not affected by the pandemic and HR provided me with a generic letter with my return date etc.
Shouldn't be an issue. I don't think they can discriminate based on maternity.

Although I'd never have waited 6 months for anyone. Is there really nothing else you want to buy. Jeez.

I think it might depend on the mortgage provider. I had a very similar issue and got the original offer November 2019 and didn't complete until end of August 2020! I just went on the banks website and there was a form to fill in to request the extension and tick a box to say circumstances were the same. It was granted for an extra 3 months in May. This was during lockdown though. Are you hoping to borrow the maximum that the mortgage provider would lend you?

@Putdownthecake @Dopeyduck thanks for replies!

We love this house, in fact only put ours on the market for this particular property. They found somewhere twice but have pulled out twice so now we're questioning whether they really want to move.

Our offer is with Accord mortgages, all done online via a broker. We started the mortgage process in Oct so our broker doesn't know I am now on maternity leave. I have a back to work date already and hopefully working in a school this will not be affected by the current pandemic, so we're hoping it will be easy enough to get the extension if need be! (Hopefully we don't get that far though!!) 🤞🏼

Accord mortgages and their owner YBS are really tight on lending criteria and unless it’s changed as notoriously inflexible. Once your mortgage offer expires it’s likely you’ll have to apply again an will have to select a different product. Though that may depend on a number of things such as whether the funding on that product is at capacity and the relationship with the broker - they have tiers of brokers.
However they are good when you’re on maternity leave. If you are going back to work they’ll ask your employer for confirmation and accept that.
Hope your vendors find a house soon!

I understand you love the house but you might need to apply some pressure to find out if they really want to move.
I’d politely explain my circumstances to the vendors and see what they say. If they still don’t get on with it then you’ve got your answer.

Hopefully you get the extension but if you need to reapply, it might affect how much you can borrow depending on if your expenses change. You'll have another dependant so that may impact a bit, and then things like is your baby going to nursery in which case they'll take they'll take into account the cost of that, and are you going back to work on less hours? If you have no nursery fees and will earn the same as before mat leave then there should be little impact.

6 months is more than patient, its a sellers market, give them a finite dead line, or advise that the property will go back on the market and if someone comes along in a more favourable position, then you will go with them.

That is not underhand, and 6 months is a long time to wait for someone who is not in a proceedable position. I am surpirsed your EA has not told you this.