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Morgage withdrawal possibility
artsoufl
Posts: 3 Newbie
Hello
i am in the process of buying a new flat. I have a mortgage offer and I am ready to exchange contracts and pay the deposit.
i am in the process of buying a new flat. I have a mortgage offer and I am ready to exchange contracts and pay the deposit.
the completion will be in June, or even later if they will need to stop working because of the virus.
So I am afraid that the economy may go that bad that the bank might withdraw the offer after I give the deposit.
my question is, is there anything I could do to secure/guarantee my deposit?
So I am afraid that the economy may go that bad that the bank might withdraw the offer after I give the deposit.
my question is, is there anything I could do to secure/guarantee my deposit?
0
Comments
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It is risky at the moment to have such a long period between exchange and completion. Is it a new build? It not, why the delay in completion?0
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Yes its a new build, and its not ready yet
They say it will be ready in June\
is there anything I could do to secure my deposit? its 16% of the flat's value
could I ask them to exchange later, is this a thing?0 -
Lenders aren't going to withdraw offers just because the economy "goes bad" - it wasn't what happened in 2008 for example. More realistically is the risk of borrowers losing their jobs and lenders therefore withdrawing offers.
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Thank you for your reassuring reply
Its unlikely that I will lose my job, as I work for a big organization.0
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