Buyers refused mortgage due to previous defaulted mortgage payment. Advice please?

firestorm

Found out this morning from the estate agent that our buyers buyer had their mortgage declined with Halifax due to a previous missed mortgage payment. Their broker is apparently on the case & hoping to have an alternative lender lined up by Thursday. They have asked us if we can not tell further up the chain until Thursday as they are 90% sure it can be sorted without worrying them. Of course, I am really worried. Just last night we were all texting each-other & agreed a week for completion, I was getting all excited. Just how worried should I be?

Thrugelmir

No point in ageeing completion dates until exchange of contracts takes place.

Be prepared to remarket your property.

[Deleted User]

As worried as you choose to be.

Mortgages are declined all the time - that's not to say they won't find the right lender.

firestorm

As I thought. Just a case of sitting tight for a few days. Nobody was suggesting a concrete completion date btw. Just agreeing a possible week should all go to plan, which at the time it seemed to be!

PasturesNew

Texting people in the chain? I'd never divulge my personal contact information to these people ... in case I ended up "embarrassed"... and, it can undermine and confuse the legal procedures and processes.

lewishardwick

Waiting until Thursday sounds perfect reasonable. I've waited far longer for a response from my solicitor.

I had my first mortgage application declined when I bought. Second one was fine 48hrs later.

amnblog

A missed mortgage payment could be the tip of the iceberg. Have plan B ready. Give them a window to sort this but stick to it.

firestorm

PasturesNew wrote: »

Texting people in the chain? I'd never divulge my personal contact information to these people ... in case I ended up "embarrassed"... and, it can undermine and confuse the legal procedures and processes.

I don't see what you would have to be embarrassed about. I suffer with severe anxiety & im not embarrassed a bit. :laugh: Sensible 2017 way to push things along in my opinion. Each to their own I suppose!

firestorm

lewishardwick wrote: »

Waiting until Thursday sounds perfect reasonable. I've waited far longer for a response from my solicitor.

I had my first mortgage application declined when I bought. Second one was fine 48hrs later.

Thank you. Thats what im hoping for. Everything crossed!

firestorm

amnblog wrote: »

A missed mortgage payment could be the tip of the iceberg. Have plan B ready. Give them a window to sort this but stick to it.

Thats what im afraid of tbh. Im hoping its not the case though. Worst case scenario our buyers will re-market their property. They already had to do it once when their original buyer decided to buy their next door neighbours flat, which came on the market as chain free. They did quickly find a new buyer though. They actually had 2 or 3 offers from what I recall, so possibly one of these people are still looking if all else fails!

davidmcn

firestorm wrote: »

Sensible 2017 way to push things along

Or a highly efficient way of spreading Chinese whispers and anxiety!