Reasons to delay???

tr5ad

Hi All,

We have just had an offer accepted on a property the only problem is we're unable to submit our mortgage application for 1 month due to previous financial issues.

Does anyone have any advice regarding how we can delay the process until we're able to submit the mortgage application?

Thanks

Mike

Angry_Bear

How confident are you that 1 month will be enough to sort out the financial issues? If you're happy to take the risk you could book your own survey and engage a solcitor to get the searches going.
That would reassure your vendor that you're serious but you'd be putting yourself at risk of being out of pocket if you then can't secure a mortgage.

Thrugelmir

tr5ad wrote: »

Does anyone have any advice regarding how we can delay the process until we're able to submit the mortgage application?

The purchase can't proceed. So expect the vendor to become agitated.

droiderm

Are you waiting for something to drop off your credit file?
If so it might be worth checking which ones it is recorded on.

opinions4u

I'm surprised the estate agent passed your offer on if you're not in a position to proceed.

You should be honest about it. The vendor should be allowed to continue to market their property.

You'll probably be the only buyer though. And if you miss out there are lots of other properties out there.

sammyjammy

I agree, be honest. If you start playing games you'll just rile them. Be prepared for them to say they want to keep it on the market unless you start picking up other aspects of the sale.

tr5ad

Basically we submitted our full mortgage application and our advisor made a misunderstood the details we gave to them regarding a discharge date, so they say the can't submit it yet. Once we meet the date we shouldn't,t have any problems as we both have excellent credit.

droiderm

Can i ask how much deposit you have and which lender it is?