We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
2 mortgage offers 2 houses 1 bank how does it work?
Jac517
Posts: 41 Forumite
Hi our situation has left us at a loss for words. We need advice and words of comfort. This is our situation
House 1
offer accepted, mortgage offered, valuation and Home buyer's done, searches done, enquiries raised and answered. Chain of 3, lady on top pulled out (told divorce initially but found out it was due to a death in family) our vendors pulled out
Bank
Spoke to our mortgage advisor at bank and told him we found another house and he said quickest way was to apply for another mortgage on house number 2. so applied and mortgage offered
House number 2
No chain,valuation done mortgage offered, searches requested and most have come back just awaiting local authority searches. Found out yesterday there has been a death in the family. there is chance we could lose the house again as the vendor was selling to help look with care costs of the deceased (cant give more details to protect vendor). we need to give vendor some space for funeral etc before we can find out. Hope they still want to sell.
My question is what to do in the worst case scenario we lose house number 2. EA of house 1 hinted that the house could come back on market in January and the chain will reform. EA will consider us first. The first mortgage offer will still be valid on paper. However because we applied for another mortgage on the second house is the first mortgage invalid? (we have not been told anything to this effect)
If we lose house number 2 we might consider trying to wait for house number 1 if it ever comes back on the market. We are not prepared to got for attempt number 3. We would have lost too much money and in that case we would go back to renting for the unforeseeable future! OH now thinks new build is best way to go.
I really cant believe our luck with house buying! i am towards the end of my tether. Please advice.
House 1
offer accepted, mortgage offered, valuation and Home buyer's done, searches done, enquiries raised and answered. Chain of 3, lady on top pulled out (told divorce initially but found out it was due to a death in family) our vendors pulled out
Bank
Spoke to our mortgage advisor at bank and told him we found another house and he said quickest way was to apply for another mortgage on house number 2. so applied and mortgage offered
House number 2
No chain,valuation done mortgage offered, searches requested and most have come back just awaiting local authority searches. Found out yesterday there has been a death in the family.
there is chance we could lose the house again as the vendor was selling to help look with care costs of the deceased (cant give more details to protect vendor). we need to give vendor some space for funeral etc before we can find out. Hope they still want to sell.My question is what to do in the worst case scenario we lose house number 2. EA of house 1 hinted that the house could come back on market in January and the chain will reform. EA will consider us first. The first mortgage offer will still be valid on paper. However because we applied for another mortgage on the second house is the first mortgage invalid? (we have not been told anything to this effect)
If we lose house number 2 we might consider trying to wait for house number 1 if it ever comes back on the market. We are not prepared to got for attempt number 3. We would have lost too much money and in that case we would go back to renting for the unforeseeable future! OH now thinks new build is best way to go.
I really cant believe our luck with house buying! i am towards the end of my tether. Please advice.
0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.6K Banking & Borrowing
- 253.8K Reduce Debt & Boost Income
- 454.5K Spending & Discounts
- 245.7K Work, Benefits & Business
- 601.7K Mortgages, Homes & Bills
- 177.7K Life & Family
- 259.6K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards