Mortgage offer expiring

[Usuallytootiredbuthappyanyway]

Does anyone have any experience of this? My sale/purchase has dragged on so long that now we are approaching exchange and my mortgage offer is going to expire. My solicitor asked me to call the provider and request an extension and they have said it is impossible and that I will have to go through an entirely new application. Last time I did this it took three weeks for the offer to come through. I am assuming that I won’t even be able to exchange without the valid offer so the chain will be set back again 😟 of course this all happened minutes before my solicitors closed for the long weekend!

You can't exchange without a mortgage offer. Well you can, I wouldn't advise it, your solicitor will probably make you sign a waiver to cover their backsides. You would be mad to consider it.

Can't you do it online? We've just renewed a decision in principle which was about to expire on the same day as we were able to offer on a house. Got a new DIP and application fir higher amount completed and approved with Nationwide in under 48 hours. Didn't have to leave the living room.

If you’re willing to go with first direct they are open 24/7, we’ve just started the process with them at 10pm this evening.

Thank you for all the responses. Yes, I can do it online, it’s not really the application itself, it’s the time waiting for the underwriters to turn the decision in principal into an actual offer that took so long. I am hoping I’ll be able to speak to the same mortgage adviser today to see if she would be able to prioritise it with the underwriters in some way.

Re-offers are usually much quicker, as unless there's been s massive change on house prices or markets conditions, they don't need to go through underwriting again. All that will happen will be a new interest rate will be applied ((assuming rates have changed). Complications only arise if your Valuation Report has expired and your Provider wants you to have another done, or if the product you were buying is no longer available.

Really? Wow, I hope that’s the case for my provider because that would be amazing. They didn’t indicate that when I called yesterday but that’s maybe because I didn’t speak to the right people. Fingers crossed!

We just went through this recently.

Firstly I'd check that the offer can't be extended if you exchange. Ours could, but we were not likely to be able to exchange any time soon, as everything fell apart, so this wasn't an option for us.

We found a new house and the second application was much quicker. The first was a nightmare as my DH is self employed. I think the second application only took a week. They already had all of the paperwork. The main thing that slowed things down in our case was that we had changed the property so they needed to do a second valuation.

Sorry to hear you’ve been through it as well, it really takes a mental toll on you doesn’t it! Yesterday they were adamant that there were no extensions but I will ask this morning whether it changes if I can exchange by that date at least.