Mortgage offer expired before completion. Stressing OUT!

[MissDolly95]

So we've done shared ownership on a new build. We have had our mortgage since July 2023 and we were meant to be moved in by December/January 2023, however been delays and we don't have a move in date yet. But our mortgage was expiring so we've asked for an extension, sent out bank statements and payslips. But I'm concerned, can they now turn around and say no? And we'll have the house but no mortgage.

We have our snag tour for the house on Friday and we could very well close the deal then. But without a mortgage or waiting for them to do the extension, where does that leave us? I'm so stressed

Our mortgage offer also expired before exchange / completion. Had to reapply and still waiting for the purchase to go through.

Your solicitor won't let you exchange or complete until you have your valid mortgage offer (they will need to review it and you'll need to sign it etc) - so you will just have to wait until it's sorted. If your circumstances haven't changed and the lender hasn't changed it's criteria, hopefully it won't be a problem for you.

We had to apply for an extension before our offer expired. I understand that our mortgage lender were likely to be fine with a week or two extension, if contracts were already exchanged etc.

We used our mortgage offer expiry date a leverage to get completed by x date. So fortunately we didn’t need to request an extension (1 day spare!)

You should be fine @MissDolly95 as long as your situation hasn’t changed from when the mortgage application was made before. If anything the mortgage rate may have gone down so will be more affordable.

I expect lenders are dealing with this a lot right now as so many deals seem to be taking longer than usual to complete.