Offer accepted - Can we delay?

jaynebrat

Hi all,

I have my flat up for sale and have had an offer which I have accepted. Me and OH are looking to buy a house together. We have found a house we love.

Problem is, OH starts a new job in January and will be on a 3 month probation period, so realistically I don't think we will be able to get a mortgage approved until March/April 2015 as we cant borrow the amount we need off my salary alone. We are stuck in limbo now, unsure of whether we are allowed to say to our buyers that they cant move in for another 4 months? Is that acceptable? Plus there is a risk that the house we want to buy could have sold by then.

We do have the option of moving in with OH's parents, which would be great to help us save money for a few months but not ideal as we have a 10 month old baby and we would all be in one room.

Any advice welcome as we really don't know what to do!

GBNI

When my OH and I had applied for our mortgage, my OH had just started a new job and so was in a probation period. It was written into the mortgage offer that he had to be out of probation by time the funds were draw down (which he was). This was with Danske.

moneyistooshorttomention

Whoops...and it does look like you put your place up for sale/looked for new place too soon.

So, two choices then:

1. Forget about it all for a few months

OR

2. If a buyer turns up for your existing place before you are ready for them to do so (ie your OH has completed their probation period in this job) then be prepared to move out, because its not fair to keep a buyer waiting like that.

jaynebrat

I did wonder if that was an option. Thanks for the advice, we are seeing a mortgage advisor on Saturday so will see if they can do that.

kingstreet

There are several lenders who will ignore probation. In fact, a few will work from an offer letter and start date.

sofiar

I would take the offer and move, even if it's a squish at the parents, it's free you get the flat sold and if the house you want has gone then another will come along

jaynebrat

moneyistooshorttomention wrote: »

Whoops...and it does look like you put your place up for sale/looked for new place too soon.

So, two choices then:

1. Forget about it all for a few months

OR

2. If a buyer turns up for your existing place before you are ready for them to do so (ie your OH has completed their probation period in this job) then be prepared to move out, because its not fair to keep a buyer waiting like that.

Our place has been up for sale since July, he only got offered this new job this week (better money and scope for progression) and we had the offer for the flat the following day! Typical!!

Thats what I thought, they're FTB's so I dont think they will want to wait too long.

jaynebrat

kingstreet wrote: »

There are several lenders who will ignore probation. In fact, a few will work from an offer letter and start date.

Do you know which lenders?

Voyager2002

jaynebrat wrote: »

Do you know which lenders?

For a start, try Nationwide.

Noctu

Agree with Nationwide, they just wanted sight of my employment contract - I'm in a 1 year probation.

samba

My wife is just at the end of her maternity leave, and has had no income for the last 3 months. We applied to HSBC and explained this to them and they just asked to see a letter detailing when she will return to work, her hours and her hourly rate.