Mortgage expiry dates and extensions

[Gemma77]

Hiya, we are stuck in a bit of a property chain as our sellers have yet to find their new home (and there is no guarantee that when they find it that there will be no onward chain ).

I love the new house - it's perfect in everyday and I haven't found anything remotely close. The sellers are actively looking but are looking for a bungalow to spend their retirement it is taking some time (5 weeks so far!). Also means they don't have the funds to go into rented.

My worry is that our formal mortgage offer came in today and it expires in 3 months. We have gone with Natwest and they did say they could extend it by a further month if necessary.... but what if that still is not long enough???

Really don't want to have to fork out the £1000 arrangement fee all over again by going elsewhere!

Thanks,

Gemma

Tell your vendors what the expiry date is and that they will lose you as a purchaser after this (no need to mention the possible extra month yet - I'd hold that back unless and until it is needed).

We had a mortgage offer in principle valid for 90 days last October from Nationwide Building Society and just before it expired in January this year, I requested an extension and got another 90 days till April. Didn't have to pay a penny so far but an official application for the mortgage would cost £99.00. I have now found a house and paid up for an official application.

You only pay arrangement fee if you get the mortgage. The cost would be for new valuation survey if you needed to change lenders. We managed to extend a Clydesdale mortgage by another 3 months but they wouldn't stretch to one more month so had to get new mortgage offer from Natwest.