Dilemma

kieron79

Had two offers on house yesterday by two completely different sets of buyers, here is situation:

Buyer 1 a cash buyer offered and is in a position to move quickly, yet we have not found anywhere yet and have ERC up until 31st august which we want to avoid

Buyer 2 a FTB, with 50% deposit though has just qualified as a teacher so will be in a probation period but has offered slightly more on house (2.5k)

Question I want answered is will buyer 2 be able to secure mortgage due to probation period (this is standard with all teachers contracts), I realise it is dependent upon other factors but will this factor be an issue?

Finally, what would do you do? Buyer 1 may mean we have to potentially go into rented if we didn't find anywhere pretty quickly too

Thanks

GMS

The teacher could secure a mortgage all things being equal.


Moving into rented for a 2.5k higher offer would make sense. Not for 2.5k less though.

Andypandyboy

So long as the teacher has a permanent contract they will be ok. If it is not permanent, which it may not be, then a mortgage is doubtful.

ACG

To be honest, completing at the end of August is feasible without dragging your feet too much. Your not asking for a huge delay, maybe a week or 2 if you go with the second option.

The second option as has been mentioned if on a permanen t contract should be able to get a mortgage even if not through probation.

kieron79

Thanks for info everyone

3d3

If buyer 2 is currently in their NQT year which started in September then they will finish in about 2.5 weeks. It doesn't really matter though what is more important is that they are on a permanent contract. A little clarification on Buyer 2 would make it clearer, is he/she just about to start working or towards the end? If she/he is just started then there maybe cause for worry if you want a quick sale.

P.S. I am an NQT, well only for 2 weeks more.

kieron79

Hi, buyer 2 will be an NQT from September as not started job yet

kieron79

Not bothered about quick sale really as we haven't found anywhere remotely like what we want so time not a major issue, thanks

3d3

So therefore they currently don't have any wage coming in and their first wages will be at the end of September. I think a mortgage company will want evidence of earnings.

kieron79

Would a signed letter from employer stating salary suffice? Tbh after talking with my wife buyer 1 is a much safer option even if their offer is slightly under. I could see a whole can of worms being opened with buyer 2

duchy

Buyer one has all their ducks in a row. Buyer 2 hasn't .
Buyer 2 could change their mind once they realise what their mortgage repayment is going to be -or hate the job and pull out as they aren't going to stay.

For me it would be a no brainer