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New mortgage application

uptown20
uptown20 Posts: 3 Newbie
First Post
in Mortgages & endowments
We accepted an offer on our house a couple of weeks ago and have partially reserved a new build (the sale and purchase are linked through the developer). We’re obviously having second thoughts given the uncertainty now and thinking of pulling out. We have our DIP and have an appointment to complete the mortgage application next week. Any thoughts or insight into what might happen to lending over the next couple of weeks/months? I’m wondering if we don’t go ahead with the mortgage application now whether it will be harder to borrow in the future? 

Comments

  • MovingForwards
    MovingForwards Posts: 17,178 Forumite
    10,000 Posts Seventh Anniversary Name Dropper Photogenic
    No one knows what's going to happen, all we can do is guess.

    Read through the numerous other posts which have popped up over the last few weeks and make a decision based on your own circumstances.
    Mortgage started 2020, aiming to clear 31/12/2029.
  • SimonBck
    SimonBck Posts: 138 Forumite
    100 Posts First Anniversary Name Dropper
    I am no expert but I would suggest it would be harder to borrow money in the forseeable future. If you was a lender surely your checks would be more stringent after a event like we are going through. I would want to know my money was going to be payed back. 
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    When's the newbuild due for completion? 
  • uptown20
    uptown20 Posts: 3 Newbie
    First Post
    Thrugelmir said:
    When's the newbuild due for completion? 
     June at the moment but I expect it will be affected.
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