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my buyers mortgage
robwend
Posts: 2,919 Forumite
hi guys i really need your input here
my ft buyers are holding up our sale, we was already to exchange when there solicitors informed us that they are awaiting for there mortgage offer!! now we was informed that was done and dusted a month ago but now turns out that was with"restrictions"with that offer what ever that means and so they are now waiting for a new mortage offerwith the same bank , any idea what this"restrictions mean?and ideas to how long a process this is?? days? weeks? coz im having kittens here!
xxx wendy
my ft buyers are holding up our sale, we was already to exchange when there solicitors informed us that they are awaiting for there mortgage offer!! now we was informed that was done and dusted a month ago but now turns out that was with"restrictions"with that offer what ever that means and so they are now waiting for a new mortage offerwith the same bank , any idea what this"restrictions mean?and ideas to how long a process this is?? days? weeks? coz im having kittens here!
xxx wendy You're not drunk if you can lie on the floor without holding on
0
Comments
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Get your agent to contact their broker (if using one) or the buyers themselves to get clarification. You have every right to know what their situation is and the timescales involved.
Restrictions could mean anything to be honest. It could refer to redemption tie in's or the rate or even the amount they are prepared to lend. Dependant on what the hold up is will also dictate the timescale for a new offer. If it is a simple miss-type for example (which are quite common) then it could be a matter of a few days. If they asking for more money for example it could be a couple of weeks.
Get onto your agent ASAP.
Hope this helps
Andy0 -
thx hun. i took your advise and rang agents whos then rang his broker <who wasnt there>but will phone me with new 2 morrow. its all a bloody worry,ontop of that next door is a rental and they are due to move out next month and buyers never asked about who owned it or even who lived there!! so i need those contracts signed!!You're not drunk if you can lie on the floor without holding on0
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