Extending mortgage

[Thingsthatgo]

Our mortgage offer runs out at the end of March. We are due to exchange and complete before then, but of course, nothing is for certain!
We have the option of extending our offer for a further three months, and our broker has sent us a very simple form to fill in, to say that nothing has changed for us financially (which it hasn’t).
My main concerns are applying for this extension between exchange and completion. Our broker is of the opinion that it is just a a formality, but I’m anxious that they will withdraw the offer and we will be liable for a huge deposit with no mortgage.
In theory we should complete before we need the extension anyway.
Has anyone applied for a mortgage extension recently? We are with NatWest.
How long does it take? Are there any risks involved?

Mine is due to expire on the 7th March, it has been a stressful 6 months!

Is everything in place to complete? If so then I would be putting major pressure on solicitors to complete. Mine should be going through on Friday, all being well.

my buyer was with natwest and was about to extend but only last minute thing, it will take about a week to finalise the extension.

however, you still have over a month, don't risk for the time been.

Thanks for your replies. It seems likely that our sellers would like to complete on Friday 19th March, and our offer runs out on 24th. It is stressing me out.
It feels really risky to apply between exchange and completion.
I think I might have to delay exchange (we were hoping to exchange this week) in order to secure the extension.

We applied the day before completion. Bank rang mortgage advisor in an absolute panic as no one had noticed it had run out. That was quite tense but all fine in the end!

MaryIsA so did they extend it for you in 24 hours?

Yes. I had to run too the bank with all our documents updated. 6 months pay slips etc. They rushed it through.

We had a goof ltv, don’t know if that helped and nothing had changed.

Good LTV not goof itv.

@Thingsthatgo I can completely imagine why that is stressing you out! My mortgage broker didn’t think it would be an issue to extend but it was making me nervous!

I would let your solicitors know the situation and get them to push the other solicitors as well. Usually this will give people a kick up the bum! I rang mine nearly in tears as I was so stressed!

I think we might try to extend the mortgage before we exchange. I’ve emailed our broker with some questions. Thanks for all your help.

Alternatively we completed 11 days before our offer ran out.

Don’t you want to exchange as soon as possible and demand completion date around 10 days before your mortgage expires?

If any delay to completion isn’t your fault then the sellers would be liable for expenses?

Then spend the week before In self isolation as much as you physically can to make sure you don’t get Covid but that was the reason for the 10 days.

I don’t see the issue If you exchange and have a completion date before your mortgage expires? It’s valid till the 24th not to some arbitrary point before? We made really angry noises about having to Lower our offer if our mortgage rate went up due to change in the market between when we applied and that soon sorted out the chain’s “oh but I can’t get movers” for 6 weeks time!

completed 2 days before mortgage expired(covid time).