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Mortgage/Investment Question
jumperabv3
Posts: 1,231 Forumite
I posted before a topic about what I'm looking to do:
https://forums.moneysavingexpert.com/discussion/6103177/is-this-a-good-investment-mortgage-related
Basically the situation is as follows:
1) Mortgage broker informed me the lender has issued me an offer, so the lender is okay to lend. Valuation was already done and underwriting already done. Only the solicitor part is missing to complete the mortgage.
2) I'm waiting to receive some username/password in the email in order to sign some docs (never done this before) - broker said it should be sent via email within the next few days. I also need to sign a mortgage deed & terms and send it by post.
3) At the moment more units are being sold already in the place I'm looking to invest in. So I feel like the clock is ticking but I am not done with my mortgage yet.
4) I can reserve a unit in this place, it would cost £2,000 - in case I pull out only £1500 will be refunded (£500 will be lost) ... the reservation also states an exchange of contracts must be done within 28 days from the day of reservation.
5) I honestly have never taken a mortgage before and I don't know if 28 days will be sufficient or not. Mortgage broker advised the solicitor stage could be smooth but could also take time, so there is no straightforward answer if I can complete the mortgage on time or not (right now still waiting for user/pass, online docs + letter in the post before I can send it back to the solicitor).
6) I've asked the developer's agent what happens if I don't complete my mortgage within 28 days - so he said it's up to the developer's discretion to decide what to do, he could put the unit back for sale (i.e. I lose the unit + lose £500), or alternatively allow me an extension - but I don't want to limit myself to the developer's discretion.
So my question to you is what should I do at this stage? I definitely like the investment, the location and what it entails - however I am not sure if I can make a reservation yet or not. Shall I ask the developer if we can agree on a reservation with an extended time (e.g. 56 days?)? Shall I offer to make a reservation (£2,000) and if 28 days pass I will put another £2,000 to extend it by another 28 days so £4,000 will be paid towards the property? What exactly would you do if you were in my shoes?
Would appreciate your feedback. Thanks a lot!
https://forums.moneysavingexpert.com/discussion/6103177/is-this-a-good-investment-mortgage-related
Basically the situation is as follows:
1) Mortgage broker informed me the lender has issued me an offer, so the lender is okay to lend. Valuation was already done and underwriting already done. Only the solicitor part is missing to complete the mortgage.
2) I'm waiting to receive some username/password in the email in order to sign some docs (never done this before) - broker said it should be sent via email within the next few days. I also need to sign a mortgage deed & terms and send it by post.
3) At the moment more units are being sold already in the place I'm looking to invest in. So I feel like the clock is ticking but I am not done with my mortgage yet.
4) I can reserve a unit in this place, it would cost £2,000 - in case I pull out only £1500 will be refunded (£500 will be lost) ... the reservation also states an exchange of contracts must be done within 28 days from the day of reservation.
5) I honestly have never taken a mortgage before and I don't know if 28 days will be sufficient or not. Mortgage broker advised the solicitor stage could be smooth but could also take time, so there is no straightforward answer if I can complete the mortgage on time or not (right now still waiting for user/pass, online docs + letter in the post before I can send it back to the solicitor).
6) I've asked the developer's agent what happens if I don't complete my mortgage within 28 days - so he said it's up to the developer's discretion to decide what to do, he could put the unit back for sale (i.e. I lose the unit + lose £500), or alternatively allow me an extension - but I don't want to limit myself to the developer's discretion.
So my question to you is what should I do at this stage? I definitely like the investment, the location and what it entails - however I am not sure if I can make a reservation yet or not. Shall I ask the developer if we can agree on a reservation with an extended time (e.g. 56 days?)? Shall I offer to make a reservation (£2,000) and if 28 days pass I will put another £2,000 to extend it by another 28 days so £4,000 will be paid towards the property? What exactly would you do if you were in my shoes?
Would appreciate your feedback. Thanks a lot!
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