I was approved a mortgage and did the first signing in June. Is my morgage only valid for six months? Due to the slowness of my builders, I do not think I will close until December. Will I have to reapply for a new mortgage?
I did get a loan offer. I signed initial signing in May, my house was supposed to be ready in July. However, due to ongoing problems with site it will not be ready now until at least December. I am worried now that if I have to reapply, I will be paying a much higher rate. I spoke with my broker and he says that I will have to reapply.
Well most loan offers are valid for either 3 or 6 months. Best thing you can do is get you're broker to contact the lender and enquire as to when it expires. Shouldn't take you 5mins over the phone.
"I am worried now that if I have to reapply, I will be paying a much higher rate. "
The interest rate you pay will be the interest rate applicable on the day you draw down the funds - not what was in the letter of loan offer which is only an indicator.