Trying to secure a fixed rate before it goes

noddy1_2

First post on here, so excuse the daft question. I'm hoping to grab the Post Office (Bristol & West) 5 year fixed 4.45% £599 arrangement fee, as it's the current lowest as far as I can see. Thing is we have an offer agreed on the house we want, and we think we're on the verge of getting an offer on ours, from cash buyers. We did accept an offer at the weekend, but the chain collapsed after about 2 hours!
Trouble is we're having to assume the amount we're likely to get for our sale, so it may be worth borrowing more than we think we need, and then making a lump sum overpayment assuming our offer is as good as we're hoping. Seems you can do this - am I just being in too much of a rush? I just feel this rate may go any day now
cheers
Nod

_Andy_

Apply for the higher amount, you then always have the offer amended downwards if you need to.

lindos90

We have just done something similar, but im wondering if its the best thing to do.

We have an offer in principle, but the paperwork states the price of the house we want to buy (K280), Im concerned as we want to offer less than the asking price, if the vendors EA sees we are able to borrow enough to pay the asking price, I feel we are less likely to get our lower offer accepted.

noddy1_2

lindos90 wrote: »

We have just done something similar, but im wondering if its the best thing to do.

We have an offer in principle, but the paperwork states the price of the house we want to buy (K280), Im concerned as we want to offer less than the asking price, if the vendors EA sees we are able to borrow enough to pay the asking price, I feel we are less likely to get our lower offer accepted.

Thanks, well I wouldn't have thought the EA needs to know exactly how much you're borrowing just that you have a mortgage agreement in principle. My EA just took my word for it. I'm just doing the mortgage online application now - thanks for your comments...