Getting close to mortgage timing out

[mustpaintthatwall]

Hi,

I am currently in a closed chain. Renter buying my property and I'm buying an empty home (had been rented).

My mortgage times out on the 7th September (I was in a closed chain pre-Covid but that fell through hence why so close to timing out)

The mortgage we've got is with a 5%deposit and so not available currently, what happens if we are almost there by not quite, sadly we don't have enough to make it to 10% maybe 7/8%

Valuations are happening this week & then searches, offers were accepted and chain closed approximately 2 weeks ago.

Also do we have to get to exchange or completion before it times out?

Thanks 🙏🏻

It is very tight but possible to have done it all in the time frames. Speak to your solicitor to make sure things are pushed through in time. It's unlikely the mortgage company will extend the offer but it may be worth asking them if it's possible - can't imagine you are the only person in this position.

You will have needed to complete by that date