Mortgage offer and exchange

[Summertime85]

Hi just looking for some opinions.

if anyones seen my other post our chain was victim to a last minute gazunderer. We’ve reluctantly all agreed to absorb this betwee is and our buyer before us in the chain to avoid collapse and spent this week getting all the documentation updated and signed.

We appear to now be ready to exchange early next week with a view to completing on Thursday 7th July.

We were able to get a 14 day extension from our lender which runs until the 7th.

Is it a big risk planning do complete on the day the offer expires? Obviously is something goes wrong between the two dates we have no wiggle room.

We are 3rd in a chain on 5.

We have a confirmed mortgage offer. We were fortunate to have quite a large deposit and so our mortgage repayments can easily be afforded if only one of us is employed. That said, the mortgage is based on our joint salaries and I have just been made redundant, although I have two months before I leave my organisation and will hopefully have new employment by that time.
If we exchange contracts during a period when I a am not in work, will the final credit checks between exchange and completion pick this up?

Not sure if they check every offer pre exchange but I believe it’s in the terms of the offer you have to notify them of any changes to employment? So you’d be in breach of the terms.

Can anyone help with my query on mortgage offer expiry and exchange?

Bumping this for you OP

I think you are probably fine. Once exchanged the completion date is pretty much legally binding so should happen. Plus your mortgage will be drawn down in the week leading up. Saying that if you could make it a bit earlier I would just for that peace of mind.

I guess the risk is that you exchange but DONT complete on the day, then the next day is too late. Not sure what the odds of that happening are, but I’d want my solicitor to ensure everyone on the chain is ready to complete before they agree to exchange.