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Mortgage extension about to expire

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  • 25-03-2017 11:07am
    #1
    cupcake queen
    Registered Users Posts: 122 ✭✭


    Has anyone any experience of their mortgage offer expiring just days from completion? We got a formal loan offer based on a specific property we had gone sale agreed on back in November. I assumed this would see us through to the completion of the sale but it expired after 3 months and the bank agreed to a 1 month extension. Through various issues on both sides the purchase of this house has dragged on a bit but we are now ready to complete. Everything has been submitted and we are just waiting on final ok from the bank that the cheque is ready to go. However I am worried that the 1 month extension is due to expire next week. Does anyone know if banks are prepared to give a couple days grace in this type of scenario or will it be back to square one for us if cheque is not issued before then?

    Edited to add - anyone I have spoken to the bank has been unable to give me a definitive answer, hence just looking for people's experiences. Thanks.


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    #2
    allibastor
    Closed Accounts Posts: 2,520 ✭✭✭allibastor


    cupcake queen wrote: »
    Has anyone any experience of their mortgage offer expiring just days from completion? We got a formal loan offer based on a specific property we had gone sale agreed on back in November. I assumed this would see us through to the completion of the sale but it expired after 3 months and the bank agreed to a 1 month extension. Through various issues on both sides the purchase of this house has dragged on a bit but we are now ready to complete. Everything has been submitted and we are just waiting on final ok from the bank that the cheque is ready to go. However I am worried that the 1 month extension is due to expire next week. Does anyone know if banks are prepared to give a couple days grace in this type of scenario or will it be back to square one for us if cheque is not issued before then?

    As long as you are in the process its fine. Its only if you have not put a specfic property in place


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    #3
    bmwguy
    Closed Accounts Posts: 2,006 ✭✭✭bmwguy


    Unless you have change in circumstances they will tend to still want to lend to you. Happened to me too. EBS were the lender. Had to fill in a bit of paperwork but nothing much to keep the approval live.


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    #4
    cupcake queen
    Registered Users Posts: 122 ✭✭cupcake queen


    bmwguy wrote: »
    Unless you have change in circumstances they will tend to still want to lend to you. Happened to me too. EBS were the lender. Had to fill in a bit of paperwork but nothing much to keep the approval live.

    Thanks for that. My worries stem mostly from the fact that submitting all paperwork, statements etc again to underwriters would potentially delay things considerably when we are all hoping to close asap. We have spent 2 years trying to find a house to buy and would hate to fall at the final hurdle!!!


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    #5
    catrionanic
    Registered Users Posts: 2,091 ✭✭✭catrionanic


    Afraid I've no experience to add here but just wanted to say congrats on the house purchase. A new baby and a new house in just two months - go on ye girl ye!


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    #6
    allibastor
    Closed Accounts Posts: 2,520 ✭✭✭allibastor


    catrionanic wrote: »
    Afraid I've no experience to add here but just wanted to say congrats on the house purchase. A new baby and a new house in just two months - go on ye girl ye!

    If you HAVE had a new baby that would change your circumstances a bit, provided the bank are either aware/dont know.

    If they do ask you for any new circumstances a baby deducts I think 250 a month from your net allowance for the mortgage.


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