What should we do? Please advice

Ronoli14

Evening all. Hoping one of you knowledgeable folks can help me . My husband and I put our property up for sale in may. we didn't want to have to cope with both the buying and selling process at the same time. We received a decision in principle before putting our house for sale as a reassurance that we could get a mortgage after selling our house and moving in temporarily with my parents in law while we took our time to look. Our house took longer than we expected to sell but we have a buyer, valuation done and his mortgage offer is in place.

Received a call from the estate agents today that he would like to exchange and complete before Christmas but if we didn't want to move before Christmas we could exchanged before and then complete after Christmas.
A conversation with a friend this morning has now got me all worried. He says that if we were to move in with my parents in law whilst we looked for somewhere to buy, we would struggle to get a mortgage because we would have no record of living at the address and would not be on the electoral register. He seems to suggest that we quickly look for a property before completion, get the paper work started on our current address and then move.


I am confused. Don't want to rush making the biggest decision ever and what would the bank think about changing address half way through a mortgage application.


Please advise. Don't know what to do now. Aim to put in an offer and start the process before completion . We could delay completion to end of January at the latest of move after the new year to my parents in law and take our time looking as we originally planned. we were not hoping to be at my parents in law for any longer than three months while we buy

dimbo61

Speak to your lender who offered the DIP first and explain that you want to sell first and stay with the In -laws for a couple of months and then BUY the next property.
Have you got a good deposit/income/credit score ?
This is more important than staying at mum and dads

Ronoli14

Thanks or the reply. Will try to call him tomorrow

We have 15 percent deposit on a maximum 300k purchase so wld be looking to borrow about 255k. Joint salary of 105k a year. We do have a car hp at £223 a month with £2400 left so about 10 months and a loan of £305 a month with 4800 left so about 10 months left ob that too. No credit card debt. Couple of late payments from about 2 years ago on a credit card. No default or ccj.

How does this shape up or getting a mortgage
Will call mortgage broker tomorrow. Sleepless night ahead. So worried

Thrugelmir

If you have a proceedable buyer don't lose them.

My partner and I both sold our respective homes over a 3 month period. Then "got by" for a period of 4 months until we found a new home. Didn't cause any issues with new mortgage.

Using same firm of solicitors for all our transactions made life easier.