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Exchange old house before new?
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borat_1234
Posts: 6 Forumite
Hi,
we accepted an offer on our house back in August, at the time we were still looking at new builds. Shortly afterwards we reserved a new house, we agreed to buy using help to buy but the builder had to apply for Help to buy. This ended up taking 10 weeks, in the mean our buyers and the bottom on the chain the couple buying their house, kept putting pressure to exchange despite us not being in a position to.
help to buy has been approved, I’ve been accepted and I’m in the process of applying for a new mortgage. I think it should all go through but nothing is set in stone.
problem is our buyers want to exchange on Friday (day after tomorrow) and complete two weeks later. If we don’t they’re completing and will exchange move into rental accommodation.
If we agree and exchange Friday, but something goes wrong or we can’t secure mortgage, then we’re left homeless! If we don’t we risk loosing our buyers and in potentially due to this risk losing our new house!
ive got a meeting tomorrow with the mortgage advisor from our existing mortgage company. Hopefully they’ll be able to advise how likely we are to get the mortgage.
Any advice would be great
Dan
we accepted an offer on our house back in August, at the time we were still looking at new builds. Shortly afterwards we reserved a new house, we agreed to buy using help to buy but the builder had to apply for Help to buy. This ended up taking 10 weeks, in the mean our buyers and the bottom on the chain the couple buying their house, kept putting pressure to exchange despite us not being in a position to.
help to buy has been approved, I’ve been accepted and I’m in the process of applying for a new mortgage. I think it should all go through but nothing is set in stone.
problem is our buyers want to exchange on Friday (day after tomorrow) and complete two weeks later. If we don’t they’re completing and will exchange move into rental accommodation.
If we agree and exchange Friday, but something goes wrong or we can’t secure mortgage, then we’re left homeless! If we don’t we risk loosing our buyers and in potentially due to this risk losing our new house!
ive got a meeting tomorrow with the mortgage advisor from our existing mortgage company. Hopefully they’ll be able to advise how likely we are to get the mortgage.
Any advice would be great
Dan
0
Comments
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Speak to your advisor and establish how big a risk taker you are.Danhughes87 wrote: »Any advice would be great0 -
Who is your existing lender? Cant think of many lenders that would provide an offer in 2 working days...
You may be exchanging blindly with no guarantees of completion....I am a Mortgage Broker.
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice0
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