Would U Pay lots extra to complete mortgage on time??

G_M

I have no idea if auction buying, and/or mortgage application processes, are the same or different in Scotland, to England/Wales. My post was based on a (false) assumption that English/Welsh law applied.

Much property law is very different.

It would have helped if this key fact had been included in your original post.

However my advice to other prospective auction buyers in Eng/Wales is still relevant.

getmore4less

I would have thought approved lending would be much more common in Scoland due to the nature of purchasing commited to contracts much earlier in the process.

In Englan/wals you can withdraw so can wait for confirmed lending.

onthebreadline

getmore4less wrote: »

I would have thought approved lending would be much more common in Scoland due to the nature of purchasing commited to contracts much earlier in the process.

In Englan/wals you can withdraw so can wait for confirmed lending.

Maybe more common, but dealing with a company in England, although they have banks here in Scotland, they do not deal with new mortgages. Have explained to BS extreme importance of completing by 1st March, and everything going Ok , they said hope to have offer of monies by maybe Thursday of next week.

Back to my 2 main worries;

Pay slip has different address AND
not on electrol register.

These are the only 2 things I am worried about does anyone know if there is a problem with these.??

heathcote123

onthebreadline wrote: »

Hello


Would you pay around 60.00 to 80.00 MORE a month for 2 years in order to receive mortgage on time and not lose property and deposit? WHAT DO I DO?

If I arrange myself,(I have actually started the ball rolling - got a quote, sent copy of 1 payslip(which is all they asked for!!!) and paid for a survey to be carried (which could be cancelled today - if I change my mind) there is no guarantee I will get an firm offer(see my 2 problems below) or receive on time. ( Am I worrying too much?)

I have two problems(at least I think they MAY be problems)

1. My payslip has a different address - I was supposed to move in with OH but never did and didn't bother to change my address back to home address.

2. I don't think I am registered at my home address(parent).

What do you think/advise AND What would you do?

Thank you for taking the time to read this. xx

Easily sorted, just jump into your time machine, go back to a few weeks before your auction and start researching how it all works.

onthebreadline

heathcote123 wrote: »

Easily sorted, just jump into your time machine, go back to a few weeks before your auction and start researching how it all works.

Thanks for that, it was all getting a bit too heavy and stressed:eek:,
Do you now where I could get one?, only no need to research how it all works, already know that, would use the time to arrange the mortgage myself instead of wasting ONE WHOLE WEEK, waiting for the FA to see me.

Glad to see someone has the sense to lighten my mood:p.

sonastin

Your potential losses...
1) The deposit you've paid + the difference between your bid & what it sells for. Probably the biggest loss on the table therefore complete at all costs.
2) Arrangement fees, valuation fee etc for the mortgage you are trying to arrange through the high street lender if they decline to lend or can't meet the deadline. Which needs to be weighed up against...
3) Additional costs of paying the higher cost mortgage arranged through the FA. Which needs to be weighed up against...
4) Any early repayment charges that are applicable on the FA mortgage.

To my mind, the lowest risk option is to continue with the mortgage through the FA, sort out the personal issues (payslips/electoral register/etc) and then re-mortgage to a better rate at the first appropriate opportunity (bearing in mind how much you save per month versus whatever the ERC would be for remortgaging early).

ruggedtoast

Is that really right? In Scotland you have to legally commit yourself to buying a place without knowing if you will get a mortgage on it or not?

G_M

onthebreadline wrote: »

Thanks for that, it was all getting a bit too heavy and stressed:eek:,
Do you now where I could get one?.

Again - easily sorted.

Use the travel machine first to travel forward in time, to the invention of time travel. Travel back to the present, bringing time machine with you, so as to have it available for the aforementioned forward travel.

Then travel back to the pre-auction period you wish to re-visit.

zappahey

ruggedtoast wrote: »

Is that really right? In Scotland you have to legally commit yourself to buying a place without knowing if you will get a mortgage on it or not?

Well, it used to be that you had to survey and have your finance in place before offering but I don't know how it has changed with the arrival of homebuyers' reports.

bris

ruggedtoast wrote: »

Is that really right? In Scotland you have to legally commit yourself to buying a place without knowing if you will get a mortgage on it or not?

No, in Scotland you need to conclude missives for it to become binding. You simply tell the solicitor to hold off on concluding missives until everything is in place. If the buyer gets impatient you either conclude missives or hold out for as long as you take or the seller pulls the plug.

We have an offer and acceptance policy. Our solicitor makes an offer, mostly subject to survey, the selling solicitor accepts the offer and sends the buyers solicitor the terms, the delaying tactics come into it by making changes to the terms. This can go on for as long as needed.
My record was for a commercial property where, because of Santader messing us about I may add, I concluded missives and completed the same day.