FTB YBS Mortgage Angst - worrying about nothing?

Miss_TeamDG

Hi all,

Complete newbie here - although I’m a long time forum lurker! So please be gentle with me

Background: My Boyfriendand I are FTB’s and had an offer accepted on a house in early October. We had our mortgage appointment with YBS onthe 17th October, provided all documentation as requested andinstructed our Solicitor. We were firing on all cylinders and had a valuation plus full structural survey planned for w/c27th October when we received notification from the EA that the vendor was pulling out of the sale. A crushing blow for us, but thankfully it happened before the surveys and searches had taken place – we’ve luckily managed to avoid any major financial losses thus far. Everything we have paid out (mortgage arrangement fee, product fee, survey and Solicitors fees) have all been held until we find a new property and will hopefully proceed asnormal.

Question: YBS have advised us that we have a 3 month window (essentially until 17th January)to find a new property. If we do that before the 3 month window expires, we’ll change the property details and the mortgage will proceed as normal. If we don’t, the application will be cancelled, we’ll lose the mortgage arrangement fee and will need to start the whole application process afresh. Is this the norm? Our main worry is that restarting the whole process will have a detrimental effect on our credit rating (which MSE often highlights as potential issue) and eligibility for another mortgage in the future. Does anyone have any experience of issues such as this? Is this a fairly common scenario for First time Buyers? I’m unsure ifthis is a potential stumbling block, or are we worrying about nothing? Our financial circumstances remain static and we’re now back viewing properties, but are feeling the pressure of the impending 17th January deadline at a time when the housing market has slowed right down. We’re also conscious not to make a knee jerk decision on a property, but nor do we want to make it difficult for ourselves to secure a mortgage in future. So as we are complete novices in this area, any advice or guidance would be very much appreciated.

Thank you!

amnblog

Having to start again if you have too big a gap is unlikely to be an issue.


Just make sure you pay everything in full and on time in the meantime.


(If you wanted advice and guidance a broker would be a better bet than going direct)

Miss_TeamDG

amnblog wrote: »

Having to start again if you have too big a gap is unlikely to be an issue.


Just make sure you pay everything in full and on time in the meantime.


(If you wanted advice and guidance a broker would be a better bet than going direct)

Thank you amnblog! We're happy with YBS as the mortgage provider. Its probably more of a general queston about restarting the whole mortgage process again after the deadline has passed and if that would have a detrimental effect on future applications with any provider, not just YBS. When I spoke to YBS they told us that as long as we're not applying for CC's and loans left right and centre and our circumstances don't dramatically change, it should be okay. But obviously can't confirm anything at this stage.