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Mortgage extension help

8 replies

Gemma77 · 20/05/2014 11:03

We are pushing our solicitor and EA to exchange contracts this week. If we don't we will have to start thinking about contacting our mortgage provider about an extension.

The bank have given us a formal offer which expires on 23 June, at the time they said they would extend by a month if needed and that we would just need to give them three weeks notice. The need to give three weeks notice is coming up!

However our offer was confirmed back in March before the new mortgage rules and I'm worried our provider will say that they can't extend our offer afterall and that we will have to apply again under the new MMR rules.

Has anyone else applied for an extension on a mortgage offered pre the MMR rules? Did you have to apply all over again?

If we haven't exchanged by this time next week we will need to decide whether we ask for an extension and risk having to be reconsidered (and I fear we will not get the mortgage we need and then have to pull out of our sale and purchase) or not ask, carry on as we are and pray that we exchange and complete before the 23 June.

It feels like we have this dark cloud of a deadline hanging over us at the moment - that we are so close to getting the house of our dreams but that it could all slip away at the last moment Sad

Can anyone offer any assurance???

OP posts:
Gingerandcocoa · 20/05/2014 11:08

I am really interested in the replies to this thread. I called our mortgage lender this morning to ask about extensions too. Our situation is different because we are almost ready to exchange contracts on a new build that is scheduled to complete in July. However our mortgage offer expires in September.

I spoke to our lender this morning and they said that they could extend it for another 3 months but to contact them a month before the offer expires (so August). I specifically asked whether the new rules meant our application needed to be re-done, he said "definitely not" and that they would only need to see bank statements & payslips to check that our circumstances hadn't changed.

Having said that, when the time comes who will know what will happen!

Gingerandcocoa · 20/05/2014 11:09

(Should have added: the problem in our case is that the builder is refusing to include a long stop date for the same date as the expiry of our mortgage offer. So if completion is delayed and the lender refuses to extend our offer for any reason, we'd lose our deposit and could lose even more!)

LittleMissA · 20/05/2014 18:50

We just had to apply for an extension as ours expires on Thurs. We had to send 2 payslips each, our new p60 and just confirm that our financial situation hadn't changed. They came back in less than a week with an 8 week extension. This was with Virgin.

Gingerandcocoa · 22/05/2014 18:19

LittleMissA I assume you first applied under the old rules?

LittleMissA · 23/05/2014 16:41

Yes we did back in jan

noddyholder · 23/05/2014 16:44

Try and get it sorted rather than get involved in teh new MMR rules like our buyer! They offered him less!

CookieDoughKid · 23/05/2014 18:12

Is anyone with Halifax? Apparently my broker said Halifax will not extend but I might follow up with the lender directly to see if there is any room to extend!

Gingerandcocoa · 23/05/2014 18:23

HSBC said (in writing and over the phone) that they will extend for 3 months...

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