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New build not yet finished.. applying for 2 mortgages? Is this legal

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Comments

  • F_T_Buyer
    F_T_Buyer Posts: 1,139 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    I delayed the 28days exchange by about 3months. I only exchanged when my house was built and water-tight, so only decoration kitchen left to do. Some mortgages offer a deadline of 6months, so only exchange with a mortgage like this but add a back stop date which is when your mortgage ends.
  • geoffky
    geoffky Posts: 6,835 Forumite
    We have seen so many stories on here were the house was not built and others where the priced had dropped so much that they could not get a mortgage due to a lower valuation and agreed price because of the market falls....hold back and DO NOT EXCHANGE as the risks are too high for you.
    It is nice to see the value of your house going up'' Why ?
    Unless you are planning to sell up and not live anywhere, I can;t see the advantage.
    If you are planning to upsize the new house will cost more.
    If you are planning to downsize your new house will cost more than it should
    If you are trying to buy your first house its almost impossible.
  • DVardysShadow
    DVardysShadow Posts: 18,949 Forumite
    edited 30 March 2011 at 7:23PM
    Cross post https://forums.moneysavingexpert.com/discussion/3142056.

    Spit.
    Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam
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