Can you exchange contracts with a delayed completion?

Answered on 15 July 2018

We want to buy a house but not move in for 6 months. The seller is keen to exchange quickly. We have a 10% deposit, could we pay this now to 'buy' but have the mortgage not start for a few months so we don't have to pay for a house before we live in it?

Exchanging contracts with delayed completion

The vast majority of lenders wouldn't be happy to allow you to actually buy the property while the current vendor is still living there as they insist on there being vacant posession on completion.

However, in principle there's no reason why you can't exchange contracts now and delay the completion for a few months. The main thing you need to check on is how long each lenders' mortgage offer is valid for, as this may slightly restrict our choice of lenders. Some mortgage offers only last for 3 months, before you'd have to reselect a new product, which could involve additional costs.

Submit an enquiry or call us on 0330 433 2927 and we'll organise for one of our consultants to contact you to have a look in more detail at the mortgage options open to you.

Ask The Mortgage Experts answers are based on the information provided and do not constitute advice under the Financial Services & Markets Act. They reflect the personal views of the authors and do not necessarily represent the views, positions, strategies or opinions of John Charcol. All comments are made in good faith, and John Charcol will not accept liability for them. We recommend you seek professional advice with regard to any of these topics where appropriate.