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Mortgage exchange waiting for release of money
Worried1970
Posts: 1 Newbie
Please can someone give me some advice, I'm sooo stressed at the moment about this.
I had a buyer for a property, and also found a property. The buyer pulled out a day before exchange. At that time we were so unhappy about loosing another buyer (this was the third person to pull out), and the seller of our property didn't want to wait any longer.
I applied for a loan of £15,000 which £5,000 was to pay off a loan, and also £10,000 to buy an extansion.
A week after getting the loan, a buyer came forwards, (which we have exchanged contracts now and are looking at a completion of the 27th Feb), and I paid back to £10,000 which left me in exactly the same situation as before.
I've been looking at this forum and noticed this could be a problem, and the mortgage could be withdrawn due to this. I had no idea about this at the time (and was also stressed with the buyer pullig out).
What should I do now, the money was requested on Thursday, so don't know what to do now, any advice anyone??
Many thanks
I had a buyer for a property, and also found a property. The buyer pulled out a day before exchange. At that time we were so unhappy about loosing another buyer (this was the third person to pull out), and the seller of our property didn't want to wait any longer.
I applied for a loan of £15,000 which £5,000 was to pay off a loan, and also £10,000 to buy an extansion.
A week after getting the loan, a buyer came forwards, (which we have exchanged contracts now and are looking at a completion of the 27th Feb), and I paid back to £10,000 which left me in exactly the same situation as before.
I've been looking at this forum and noticed this could be a problem, and the mortgage could be withdrawn due to this. I had no idea about this at the time (and was also stressed with the buyer pullig out).
What should I do now, the money was requested on Thursday, so don't know what to do now, any advice anyone??
Many thanks
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