Hi,
I've just put a booking deposit down on a new house which wont be ready for 9-12 months. I have to sign the papers in a couple of weeks along with putting down the rest of the 10% deposit.
I was wondering if it was true that the mortgage approval term is only for 6 months (this is what the mortgage broker told me). I have been approved by the broker for the amount required but have not chosen a particular product/financial institution to go with just yet. I know I need to have mortgage approval before I can sign the papers. Does anyone know what the situation is in this case? Do I get mortage approval now and then reapply in 6 months?
I've just put a booking deposit down on a new house which wont be ready for 9-12 months. I have to sign the papers in a couple of weeks along with putting down the rest of the 10% deposit.
I was wondering if it was true that the mortgage approval term is only for 6 months (this is what the mortgage broker told me). I have been approved by the broker for the amount required but have not chosen a particular product/financial institution to go with just yet. I know I need to have mortgage approval before I can sign the papers. Does anyone know what the situation is in this case? Do I get mortage approval now and then reapply in 6 months?