House not ready - do I got thru mortgage again?

E

Esme

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Hi

I have bought a new house. There are some problems at the moment and looks like it could be 8 to 10 weeks before the house will be ready. If it goes past 6 months since I signed contract (got mortgage approval same week I signed contract), do I have to go through the whole mortgage process again?

Esme?
 
Usually just involves submitting more recent pay slips and bank statements. Not really a big deal.
 
Check with the lender - if it is a new house your loan offer might stand for 12 months, as opposed to 6 with a ready built house.
 
Sunny said:
Usually just involves submitting more recent pay slips and bank statements. Not really a big deal.
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Fraid it is. I was advised by my mortgage broker to get a small loan to pay off a loan I initially had that ptsb stipulated I have paid off. So this would show up and then I lose my house.
 
It's 12 months for a new house/apartment and after that they'll do another credit check on you.
 
Esme said:
Fraid it is. I was advised by my mortgage broker to get a small loan to pay off a loan I initially had that ptsb stipulated I have paid off. So this would show up and then I lose my house.
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Well to be honest they is nothing to stop the bank doing another check on you before they issue the cheque so they would have spotted the loan then! Not sure about the advice given by your broker to get one loan to pay off another loan.
 
Oh don't start me on my broker. PTSB have just told me its valid for a year, so I'm safe enough, but I know there is nothing from stopping them doing another one, I'll just have to hold my breath and hope they don't.

Thanks
 
I don't think there is any definite rule it seems to vary from lender to lender and even case to case. My own approval was I understand from my broker a standard letter valid for 6 months (although they knew the expected completion was longer than this). I ended up closing about 10 months after the approval was granted (i.e. 4 months past the stated validity) and was never asked for any updated details, in other cases I have read about here people were asked for updated payslips etc.
 
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