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Just had confirmation of first mortgage - any advise/thoughts
andyc101
Posts: 7 Forumite
Hi All
I am just posting to see peoples thoughts on my sons current conundrum..
My Son and his GF had an offer accepted on their first house just before COVID-19 hit, they have a nice tidy deposit and today had confirmation the 5yr mortgage offer has been approved.
Both my son and his GF are currently on furlough until June, he is an events manager and she is a child care worker, so as long as things do eventually settle down they should be back to work without any issues. They can just afford the repayments on their reduced wages, but what would happen if this lock down continues for 6 months or so? how long do people think the government will be able to afford the furlough scheme before changes will have to be made?
Obviously, no one has a crystal ball, but it would be interesting to hear other thoughts/comments as to if they should go for it, or urge on the cautious side and pull out and wait until this has all blown over and start again?
Thanks for reading, and take care in these strange days
Andy
I am just posting to see peoples thoughts on my sons current conundrum..
My Son and his GF had an offer accepted on their first house just before COVID-19 hit, they have a nice tidy deposit and today had confirmation the 5yr mortgage offer has been approved.
Both my son and his GF are currently on furlough until June, he is an events manager and she is a child care worker, so as long as things do eventually settle down they should be back to work without any issues. They can just afford the repayments on their reduced wages, but what would happen if this lock down continues for 6 months or so? how long do people think the government will be able to afford the furlough scheme before changes will have to be made?
Obviously, no one has a crystal ball, but it would be interesting to hear other thoughts/comments as to if they should go for it, or urge on the cautious side and pull out and wait until this has all blown over and start again?
Thanks for reading, and take care in these strange days
Andy
1
Comments
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There's plenty of time yet before they need to decide to complete the transaction or not. Is the chain in place yet?0
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Have they informed the lender about their change in circumstances yet?I wouldn't be surprised if the offer is pulled when they do so.0
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Luckily no chain, they are first time buyers and the previous owners sadly passed away.Thrugelmir said:There's plenty of time yet before they need to decide to complete the transaction or not. Is the chain in place yet?
0 -
They have informed the mortgage broker as soon as they new about their new circumstances, and it doesn't seem to have effected anything.Slithery said:Have they informed the lender about their change in circumstances yet?I wouldn't be surprised if the offer is pulled when they do so.0
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