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Mortgage offer extension

  • 23-02-2018 10:48am
    #1
    Henrys Grimey Paws
    Registered Users, Registered Users 2 Posts: 59 ✭✭


    Hi,

    We're in the process of buying a new build and we're getting quite close to closing now as our snag list was done this week & no major issues were found, all issues were cosmetic rather than structural. All things going well we hope to complete within the next month.

    We've previously successfully got our mortgage offer extended by a month (it now expires in the 3rd week of March) and I'm optimistic that we'll manage to close before then. However in people's experience what are the chances of the bank allowing an additional short extension of a week or so if our close date falls a couple of days after our mortgage expiry date? Are they likely to flat refuse it & get us to do a full mortgage application again?


Comments

  • #2
    sunrainmooncl
    Banned (with Prison Access) Posts: 72 ✭✭sunrainmooncl


    Do you have a mortgage broker?


  • #3
    the_syco
    Registered Users, Registered Users 2 Posts: 37,316 ✭✭✭✭the_syco


    Henrys Grimey Paws wrote: »
    All things going well we hope to complete within the next month.
    Does the seller own the house completely, or are they still paying a mortgage?


  • #4
    [Deleted User]
    Posts: 14,344 ✭✭✭✭ [Deleted User]


    OP, I had to do similar when buying, albeit i was dealing with the Credit Union rather than a bank (although they're effectively the same thing nowadays anyway).

    I don't think you'll have much of an issue, really. In my case I had to re-do a declaration of health form, but other than that it was grand. I wasn't back to square one or anything. I'd say you'll be okay.

    Remember that a mortgage of €200k over 35 years at 3% (I'm using what I'd guess are good average numbers) is worth over €120k to the bank over the course of it's life in interest. They're not doing you a favour by giving you a mortgage (and I wish people would get out of the mindset that they are).

    If they reckoned you were a safe bet when you applied, then unless something substantial has changed, I doubt you'll get any grief looking for an extension.

    the_syco wrote: »
    Does the seller own the house completely, or are they still paying a mortgage?

    Ah, come on man; opening line :(
    Henrys Grimey Paws wrote: »
    We're in the process of buying a new build and we're getting quite close to closing now as our snag list was done this week


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