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Would U Pay lots extra to complete mortgage on time??
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Op you should be aware that whether buying at auction in England or Scotland you exchange contracts or conclude missives at the drop of the hammer. Your potential losses are much greater than just the 10% deposit.0
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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?
In Scotland, at auction for FTB. At auction, as my solicitor said you do everything backwards!!!
I am FTB, no debt, no credit cards, no car loan, etc etc, so thought if I can't get a mortgage - who can?
My only stupid mistake is having a payslip with a different address on it.
Seems this may scupper any mortgage application I have or if not that, then delay it beyond my time limit.0 -
Only in the fact that the sale is binding at the drop of the hammer.onthebreadline wrote: »In Scotland, at auction for FTB. At auction, as my solicitor said you do everything backwards!!!
You should still have done your homework before the auction. It was madness to buy at auction without having a mortgage in principal. Did you at least get the legal pack for you solicitor before you bought it?0 -
Just a tip on the financial advisor. Why don't you call their bluff? Obviously it could backfire, but if you tell the financial advisor that you can get a better deal yourself (without their advice!) then they may be able to lose waive their fees.
Obviously it seems a financial advisor who only recommends worse than high street isn't really a financial advisor at all!
Also consider taking out insurance and cancelling with the 14 day cooling off period. But watch the terms and conditions very carefully - there is probably a claw back policy in place.There is no intelligent life out there ... ask any goldfish!0 -
onthebreadline wrote: »I am FTB, no debt, no credit cards, no car loan, etc etc, so thought if I can't get a mortgage - who can?
Bizarrely, you may actually find it quite difficult if you have no credit history to show that you can manage credit.What goes around - comes around0 -
Erm, am I missing something or am I correct in my assumption that getting the mortgage offer is only the start of the OP's problems?
Surely the mortgage co will then want to do all their legal due diligence in respect of the property and only then will they release funds, which can take weeks surely. Or is it really quick now?
I thought the whole purpose of getting a mortgage offer before you buy at auction was to ensure that on the drop of the hammer the mortgage co actually had the time to arrange the funds and do their due diligence.0 -
OP, between this and your other thread you seem unsure just where in the process you are and what has/has not been done. I would get down to the bank today and find out exactly what they have done/have not done and try to get a timeline down. Clarify that you have a firm offer. I would also bring up the issue with the payslip now rather than wait till some admin person notices it and holds things up.Save £200 a month : [STRIKE]Oct[/STRIKE] Nov Dec Jan Feb Mar Apr0
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I understood that buying at auction wasn't really suitable for people who need mortgages, unless they have balls of steel.
When we were looking into it in London I assumed you had to do the valuation survey, the legals, and have a mortgage offer in place before even going into the auction room; at which point you may find yourself outbid, or discover that the property never even made it to auction on the day anyway.
We never thought about it much after that.0 -
Did you sign the financial adviser's terms of engagement, or even see them?
I understand that everyone is pulling out all the stops to enable you to complete on time. There's loads for them to do - all of which should have been done before you went to the auction. I'm not surprised that the IFA wants to be paid, but surely you agreed terms with him before he started work? Anyway, a fee of £800 is not unreasonable for the work involved.
What's the insurance for?No reliance should be placed on the above! Absolutely none, do you hear?0 -
BTW, what does the sale agreement state about completion notices?No reliance should be placed on the above! Absolutely none, do you hear?0
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