If your lender refuses to extend the expiry date on your mortgage , it may be possible to re-apply for the same deal or look for a new mortgage product entirely. Rather than sticking to your current lender, compare deals from the entire market. Your initial mortgage product might no longer be available, but there could be even better offers on the market than before.
In some cases, your expired mortgage offer could work in your favour and you may access a more affordable and cost-effective loan with a more favourable interest rate. You may also face more application fees.
We can help you find the most suitable deal before guiding you through the application process until you finally get the keys for your home. If you're unsure and need some advice just give us a call, our expert team of advisers are available to help you choose the mortgage that is right for you. By clicking on the above link you will be leaving the regulated site of TaylorMade Finance Ltd.
TaylorMade Finance Ltd is not responsible for the accuracy of the information contained within the linked site. For free initial advice get in touch with our Conveyancing Solicitors. If your financial situation has changed as a result of Covid or furlough, your mortgage lender should work with you to help you manage your finances and assess whether your circumstances you will still be able to afford your proposed mortgage repayments. If you miss the deadline to extend your mortgage offer, you can re-apply for your mortgage either through the same lender or a different one.
But if you can extend your mortgage offer, it will be easier and much quicker than having to re-apply for your mortgage offer. If you can avoid this, then you will save yourself additional costs and can step into your new home sooner.
When the UK first went into lockdown, most mortgage lenders agreed to extend mortgage offers for at least 3 months for those who were in the process of buying their new home. No one could predict that the UK would be hit by a pandemic such as Coronavirus. When approving an extension on your mortgage offer, your lender may ask to see your most up to date bank statements and payslips.
Lenders must ensure that mortgage candidates are in a position to pay back the loan. The lender will require a minimum of a few weeks' notice it is to consider extending your mortgage offer, so regular communication is vital. Check with your lender how much notice it needs, as each lender will have different requirements. How long the mortgage offer is extended for is at the discretion of your mortgage lender , but it could be a month or more.
It will also depend on your individual circumstances and the circumstances of the property sale. For example, some lenders will base the extension on the coronavirus pandemic whilst there are mortgage offer extensions for other circumstances, such as delays on new-build homes. Nationwide Building Society offers an extension of up to 45 days for those buying new-build homes where there has been a delay.
Eligibility for these extensions will vary from lender to lender. In some cases, a mortgage offer will expire or be due to expire before the completed construction of a new build property. Developers can overrun on their time scales or there can be delays in which can set back the planned completion of property development.
With an off-plan property, buyers are often reserving properties before construction even begins. With most mortgage offers lasting in the region of 6 months, any delay in the building process may mean the mortgage offer could expire before the home is completed.
If you are buying a property off-plan and it is yet to be built, it may be worth working with a mortgage broker and looking into mortgages with longer offer periods or those better suited for new-build homes. If the lender feels there is a risk, it is within its right to withdraw and refuse a loan.
This is why it is strongly advised that you do not take on any other loans or large financial commitments until the purchase is completed. In the event your offer is withdrawn, you will need to re-apply for a mortgage.
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