Have I exchanged contracts?

bikermom

Hi - my husband and I have recently failed to get a mortgage - had everything agreed in principle but to no joy- we can not even take our current mortgage with us.

I desperatly need to know if i have exchanged contracts with the buyers of our home - I have signed and sent them back to the solicitors but have no details on completion or anything else.

So have i exchanged and do i still have the option to pull out? at this stage will i incur any fees? Im so angry as we were told there would be no problem getting a mortgage for what we need as we only wanted 55% - and then tried to take just our current mortgage with us which would have been us having a 39% LTV but NO ONE will help us. Now if i cant pull out we will be homeless so i cant eat or sleep with worry and stress.

marlasinger

Only your solicitor will be able to answer that for you.

However, when we exchanged our solicitor phoned us before hand to discuss completion dates, etc, and then told us we were about to exchange. I'm sure you would have had a phone call beforehand before they exchanged, but you really need to speak to your solicitor first thing.

opinions4u

If your solicitor has exchanged contracts without a mortgage offer in place and without clearly explaining the possible consequences of such action then you will have an interesting few months ahead.

It's almost certain that you haven't exchanged. Talk to the solicitor and ask them to put everything on hold. There will be fees to pay.

If you explain the reasons or not being able to get a mortgage (bad credit, employment history etc) with a bit of detail one of the brokers may be able to suggest a way forwards.

bikermom

I called a financial services company yesterday and they havent got back to me yet - we cant get a mortgage due to my husbands banking behaviour (going over his overdraft limit) and because he has been getting pay day loans (we got some really bad advice telling us to get payday loans to improve our credit!) if anyone can offer a way forward then i would be over the moon as we dont want to pull out either on the sale or the purchase but with such adverse history i dont think anyone is going to touch us - it doesnt help that we will basically be using my husbands wages and my tax credits/childbenefit.