How does it affect a mortgage if we borrow money because our house sale has fallen through?

phebe3

Our house sale has fallen through for the second time.  We put an offer in on a house last October.  There were problems with the chain (not us, our buyers incompetent soliciter and other matters) and since then we have lost buyers twice, mainly due to Covid....one lost his job so had to withdraw his offer, we sold again very quickly to someone with a large deposit in rented accommodation with a mortgage agreed in principle but it turns out he only has a 2 year credit rating due to moving into the UK only 2 years ago, although is employed by the NHS , but  has nowt been told that in fact he cannot have a mortgage after all so had to withdraw his offer.  So we have once again put our house back on the market.  I am absolutely devastated that it has fallen through twice and am very stressed with it all, and in the meantime our solicitor's fees are mounting.  Also now the person who's house we wanted to buy has now said that regrettably he is going to put his house on the market, and I totally understand why as he obviously needs to sell as he has an offer accepted on another house.
My parents have now said that if they scrape together all their money and savings etc they might be able to lend us enough to lend us money so we can buy the house we wanted without selling ours...although obviously this is a loan and as soon as we sell our house we would repay it.  I realise we are very lucky that they can do this , and have offered to do this; they are not rolling in money but my dad had a settlement when he retired and they are careful with money.  However, I am not sure if this would help as I don't know how it would affect our mortgage offer etc.  
Can anyone help with advice...I am going to try to phone our solicitor on Monday to ask his advice.

Thrugelmir

Do you have a mortgage on your existing property? 

amnblog

I believe you are saying you have a mortgage offer but cannot complete the purchase without your sale.
Presumably then your purchase funds were to be be: Mortgage + Equity
Mum and Dad are now offering up the funds to complete. Therefore purchase funds: Mortgage + Loan
This does not work as your Mortgage lender may accept a gift from Mum and Dad but will not accept a loan.
Options appear to be:

• Drop your sale price for quick sale
• Remortgage your home and let it out to release the equity
• Take a bridging loan to provide the funds for purchase until you sell
• Wait for another purchase property

All of these options have consequences so you need to speak to someone who knows what they are doing about your personal circumstances on each.