What happens to your new build mortgage offer in the event of a delay?

Imagine you have a mortgage offer for your new build property but you have to complete within a certain time. What happens in the event that unforeseen circumstances delay the completion of the property?


Do you lose your mortgage offer and:

  • have to go through the whole process again?
  • risk rejection because your first mortgage never completed?
  • risk losing your new home because the financing wasn’t in place?

All of these eventualities can be avoided if you seek professional advice from Deal Direct and choose a lender who keeps their offers valid for a longer period or will automatically extend.

One such lender is Nationwide Building Society who has recently introduced an auto-extend facility should the build be subject to delays.

Nationwide mortgage offers for new builds are valid for 6 months, however, this can now be increased by 45 days automatically, should it be required and without having to repeat the entire process of re-applying.

Our clients told us they needed this additional level of reassurance. We have passed this on to lenders and Nationwide has listened and responded accordingly. This is one of the huge benefits available to you by working with us. If lenders are not meeting your requirements, we can use our influence with them to bring about the mortgages changes you need to see.

For further information UK mortgages call 0800 048 8828.   

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Article published: Wednesday, May 23, 2018
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