Mortgage Offer Expiration Advice

[chris1889]

Morning all

We received our mortgage offer from HSBC back in June and this offer is valid for 6 months which works out as the 11th December. Early indications from Harron are that this is very close to our possible completion date and they cannot commit to an exact date at this stage. As a result I have been sounding out HSBC in terms of an extension or even re-applying for the mortgage.

There is no option to extend and given the rates are now more favourable than when we agreed our original mortgage I am leaning towards the re-application route. Has anyone been in a similar situation and if so how did it work out for you? HSBC did not charge us for the valuation and the mortgage is fee free so there shouldn't be any costs from that side but are we likely to incur any costs on the solicitor side of things?

Thanks in advance

Chris

[trinity21]

Nov 3, 2016 9:03:17 GMT chris1889 said:

Morning all

We received our mortgage offer from HSBC back in June and this offer is valid for 6 months which works out as the 11th December. Early indications from Harron are that this is very close to our possible completion date and they cannot commit to an exact date at this stage. As a result I have been sounding out HSBC in terms of an extension or even re-applying for the mortgage.

There is no option to extend and given the rates are now more favourable than when we agreed our original mortgage I am leaning towards the re-application route. Has anyone been in a similar situation and if so how did it work out for you? HSBC did not charge us for the valuation and the mortgage is fee free so there shouldn't be any costs from that side but are we likely to incur any costs on the solicitor side of things?

Thanks in advance

Chris

Hi Chris

I have just remortgage my house with the same company skipton building society with a reduced two year fixed rate. Have you had a look at if hsbc have reduced their rates as you may find having to pay out for surveying fees and mortgage fees if you go with another company. Were by hsbc may not need to all that again.

[troyanddella]

Chris - two options,see if they can extend the other but reserve the lower interest rate for your LTV.
If the wont do that then you will have to apply again. Only down side to this is they will do another credit score and ask for new income proofs, but you will get whatever rates are available now with whatever benefits they have.

[chris1889]

Thanks for the replies guys,

An extension is not an option apparently but I will ask again as this would be ideal if we could reserve the new lower rate. Alternatively I think I will re-apply as the mortgage product I want is fee free and now around £50 per month cheaper! I just wanted to check there were no ther implications of having to do this.