Hi just wanted to check if anyone on here has any experience with house building developers and the end dates they set. We've got a mortgage on a new build and it's only valid for 6 months the mortgage, and the target end date for the property was meant to be August. However, having read some horror stories, it appears most developers don't actually stick to the target end date and this could actually be delayed by months. Has anyone recently dealt with a new build developer, in particular Cala homes and how good are they at following their expected end dates?
Question on developers and target end date
- Thread starter tsobo
- Start date
How longs a piece of string?
Normally developers plans are good but bad weather or a product shortage/delay can put the best plans to waste.
The best thing you can do is maintain regular communication with the developer so you know whether to take any action or not.
Unless you are on the edge of your affordability, getting a mortgage offer refreshed/extended shouldn’t be an issue in reality but I can see why you might not want to go down that route in the world of rising rates.
Normally developers plans are good but bad weather or a product shortage/delay can put the best plans to waste.
The best thing you can do is maintain regular communication with the developer so you know whether to take any action or not.
Unless you are on the edge of your affordability, getting a mortgage offer refreshed/extended shouldn’t be an issue in reality but I can see why you might not want to go down that route in the world of rising rates.
Many thanks. Yes it's a bit of a nightmare having to wait. Will see how it goes in 3 months
Id certainly park it in the not something to worry about box until you need to. If you got a mortgage without any issues, there isn’t really and reason why you couldn’t get another.
I’d be more concerned about the thing being built properly and all the snags getting sorted in good time (there will be plenty).
Soldato
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I had to get a mortgage offer extended. Up until the point of 6 months TSB kept telling me no extensions, then when 6 months came they extended. Can't remember how long for as the sale went through the day before, *****.
You know what you're absolutely right. It's just that, with the way the economy is going at the moment, you just want it all done with . Also we're going to exchange contracts soon, so hopefully that will be a good opportunity to findout more about the completion dates.
Hi many thanks, that sounds reassuring. I assume yours was a new build as well?
Soldato
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No sorry, estate agent/solicitors'/civil servants taking the pee with covid excuses. Actual seller was feeling the same as me (lost) when i spoke to him the day before the sale as i threatened to pull the plug if they didn't have him ring me that day.
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This as partly why we went with natwest.
They're apparently 6 month quotes and can be extended twice for up to 3 months each time
Out current estimated date is september with a 3month window.
Hoping to get in just before xmas
They're apparently 6 month quotes and can be extended twice for up to 3 months each time
Out current estimated date is september with a 3month window.
Hoping to get in just before xmas
Yep we went with natwest when we bought a new build back in 2015 (we have since moved) and they just extended the offer a few times.
It’s no dramas.
I live in Surrey and Cala are fairly prolific around here.
they like to position themselves as higher end and several years back, focussed on smaller, higher value developments but have since increased scale whilst maintaining a more premium finish. I would consider Cala to be the Marks and Spencer’s of the house building world whilst persimmon and the likes are most definately Iceland.
It’s no dramas.
I live in Surrey and Cala are fairly prolific around here.
they like to position themselves as higher end and several years back, focussed on smaller, higher value developments but have since increased scale whilst maintaining a more premium finish. I would consider Cala to be the Marks and Spencer’s of the house building world whilst persimmon and the likes are most definately Iceland.
Oh that's very reassuring . My other half just wants to move . Also at the moment we're going the conveyancing, so hopefully this should give us a more clearer picture of when the house is likely to complete. It's the horror stories of going 6 months past expected completion date, which was freaking us out.
Aaa, so are we still too far away from getting this built ?
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This as partly why we went with natwest.
They're apparently 6 month quotes and can be extended twice for up to 3 months each time
Out current estimated date is september with a 3month window.
Hoping to get in just before xmas
this turned out to be utter ********
the 2x 3 month extension is a broker only t+c.
We were able to get a notably better % direct so the mortgage broker told us to go direct.
well that bit us in the ass
Hi so you went direct to the builder? And how far away is your home now?this turned out to be utter ********
the 2x 3 month extension is a broker only t+c.
We were able to get a notably better % direct so the mortgage broker told us to go direct.
well that bit us in the ass
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No, Direct to NatWest for the mortgage as advised by the mortgage broker bloke but as we foudn out with an online application can only extend once for 28 days
With all of the messing about from the buyer we've now lost the new build we were wanting
The "New" New Build (lol) is now February and a mortgage with a **** rate due to the original advice from the mortgage broker
With all of the messing about from the buyer we've now lost the new build we were wanting
The "New" New Build (lol) is now February and a mortgage with a **** rate due to the original advice from the mortgage broker
Oh no. So you've had to look for another property which is now going to be built by February? That sucks.No, Direct to NatWest for the mortgage as advised by the mortgage broker bloke but as we foudn out with an online application can only extend once for 28 days
With all of the messing about from the buyer we've now lost the new build we were wanting
The "New" New Build (lol) is now February and a mortgage with a **** rate due to the original advice from the mortgage broker