Loan Offer Valid for only 4 months

[tezman]

Hi,

Just sold my house and I have received a loan offer to buy my new house..happy days!
However the loan offer is valid for only four months and the house I want to buy will be bought from the plans.
My dilemma is that I cannot sign contracts based on a loan offer valid for 4 months and the builder will not commence until I have signed a contract. My bank are telling me that all loan offers are between 3 and 6 months. Does anyone know of any bank offering longer loan offers or of a way around this dilemma?

Thanks

 

[fizzelina]

In my case when signing the contracts there was a clause inserted that stated if our mortgage for the house did not come through from the bank then the contract was no longer valid. It covered us in the event the bank pulled the approval before the cheque was issued and meant we were not still liable to buy the house. You won't get a long enough loan offer to wait for it to be built I think, but perhaps you could sign anyway the contract with a clause inserted similar to the one I mention?

 

[tezman]

Thanks for the info. I will run this by my solicitor and builder to see if it is an option.