New build contract exchange "not subject to finance"



New Member
Hi, my partner and I are buying our first home. We have our mortgage offer through. The house is due to be completed in February 2022 but the builder wants us to exchange contracts now and the contract is "not subject to finance". As far as I know this means if for any reason our mortgage offer is withdrawn we are legally bound to purchase the house or could face legal action.

Is it common practice to exchange contracts over 4 months before the house is due to be completed? It feels like we'll be very exposed for the next 4 months as you never know what is around the corner, especially with covid and brexit.

Any advice would be appreciated.