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Buying house Scotland
oliel
Posts: 244 Forumite
Just a bit confused re selling/buying in Scotland
Scenario
Had a formal offer on our house in Scotland - refresh homebuyers report being carried out tomorrow requested by purchases lender with entry date of 10/4/14. We are porting our mortgage to new property filled our paper forms with broker for natwest on 21/2/14. Had copies of bank statements back from them today. We had made an informal offer on another property but cannot make a formal one until we get our mortgage offer. I'm concerned that 1). If we don't get the mortgage we will end up having to rent. 2) The house we are interested in will sell to someone else - will we have to apply for mortgage all over again if we have to find another property? 3). If we are refused on porting mortgage are we likely to get refused if we go to someone else and also timescale wise not be able to buy/sell simultaneously? Timescales are tight and close to concluding missives on sale (lots of pressure from our solicitor on this front). So advice must appreciated as we are feeling vulnerable at present - worried we won't hear from our lender for weeks. Thanks
Scenario
Had a formal offer on our house in Scotland - refresh homebuyers report being carried out tomorrow requested by purchases lender with entry date of 10/4/14. We are porting our mortgage to new property filled our paper forms with broker for natwest on 21/2/14. Had copies of bank statements back from them today. We had made an informal offer on another property but cannot make a formal one until we get our mortgage offer. I'm concerned that 1). If we don't get the mortgage we will end up having to rent. 2) The house we are interested in will sell to someone else - will we have to apply for mortgage all over again if we have to find another property? 3). If we are refused on porting mortgage are we likely to get refused if we go to someone else and also timescale wise not be able to buy/sell simultaneously? Timescales are tight and close to concluding missives on sale (lots of pressure from our solicitor on this front). So advice must appreciated as we are feeling vulnerable at present - worried we won't hear from our lender for weeks. Thanks
0
Comments
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DO NOT conclude missives without a mortgage offer. You're legally bound to purchase at that point so could open yourself up to a world of pain.
Out of interest why would your current lender have a problem with underwriting the new situation?I am a mortgage adviser.You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Mark_McBurney_CMME wrote: »DO NOT conclude missives without a mortgage offer. You're legally bound to purchase at that point so could open yourself up to a world of pain.
No, they're buying pushed to conclude their sale - so they'll be legally obliged to sell at that point.0 -
House we are selling is 275 mortgage 159 new house 215. With proceeds left over pay fees o/s cc debt of 12, hp of 7. Been over overdraft recently should have about 35k left and once in new house plan to make an overpayment once we know exactly what's left just concerned re going over overdraft I did state on application all hp/ credit card would be repaid in full on completion. Just worried we won't get mortgage house been for sale for nearly 2 years I've never rented and really don't want to if I can help it. Lender is natwest.0
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