PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Mortgage offer done but now changing house

2

Comments

  • @Slithery unfortunately we gave notice, we were naive back in August and were about to exchange and had a 2 month notice period, rent day was also due that week so didn’t want to end up paying 3 months rent and a mortgage so gave notice and thought any delay would be fine as we would have 8 weeks. 
    Lesson learnt! Unfortunately the chain collapsed again this week for the 3rd time and our landlady already has a new tenant. 
    This is the first time we are doing this so went in a bit naive about the process. 
    I don’t know anyone else in this situation but I can’t stop crying over the potential disappointment of our mortgage being taken away cos of this horrid year. 
    I am going to speak to work on Monday to see if there is any way I can come back so my payslip doesn’t say furlough on it. 
  • hazyjo
    hazyjo Posts: 15,475 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Slithery said:
    Can you not just stay in your current rental?
    No unfortunately the lease finishes on 20th Nov and the new tenant is moving in then. so either way we need to get a new rental but it’s either short term or long term depending on mortgage.
    I just don’t want to sabotage ourselves for not getting the mortgage when we have done all our sums and can afford the repayments on 1 salary if it comes to it, we have savings, no credit card debt and husbands salary has increased this year (self employed). 
    I was due back to work this week but company decided to save themselves more money and put a few of us back on furlough. 
    I think I will have to be honest and deal with the upset if they decline us, the stress today thinking about it is too much. 
    Sadly it's not about if you think you can afford it, it'll be a case of computer says no. My pay was topped up to 100% when furloughed and I have over 90% equity and they wouldn't let me borrow a penny more.
    2024 wins: *must start comping again!*
  • impatient2020
    impatient2020 Posts: 39 Forumite
    10 Posts First Anniversary Name Dropper
    edited 7 November 2020 at 11:30PM
    @hazyjo we actually want to borrow less now, but I have no choice if computer says no then I guess it’s back to paying someone else’s mortgage instead of our own. Also probably going to get stung for stamp duty when we can reapply. Just so frustrating but I know we aren’t the only ones going through this. 
  • hazyjo
    hazyjo Posts: 15,475 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    They can't risk you losing your job. That was the point of furlough, to avoid making those people redundant.

    I was 99% sure my job was safe, but they're now getting rid of 2 out of 4 of us so I'm at risk. Not because they can't afford us, they rake in tens of millions every year and are still busy, but because people are doing their own work and not needing secretaries.

    Lenders know this is likely, so I can't blame them for being cautious.
    2024 wins: *must start comping again!*
  • sorry to hear that. you must inform them, dont view it as an option, the last thing your future needs is a criminal record
  • impatient2020 said:
    > I think I will have to be honest and deal with the upset if they decline us, the stress today thinking about it is too much
    > find another rental now and pay the same if not more monthly that we would on our mortgage
    > Also probably going to get stung for stamp duty when we can reapply.
    Despite your concerns, it's worrying you are only considering being honest as a last resort. Surely you'd expect the lender to be totally honest with you on their side of the deal? As others have said, not declaring a substantial change in your circumstances is fraudulent.
    Comparing rent and a mortgage payment are chalk and cheese. A mortgage does not include buildings insurance, maintenance, boiler servicing etc and all the things you will have as an owner occupier.
    It's only your assumption that stamp duty will be payable. Who knows if there will be an extension in March?
    Tough though it is, you might be convincing yourself there are no other options and this is driving the stress. The stress then makes you consider behaviour to buck the very system that is there to protect you (and the bank) from default on the loan.
    Although you say you can afford it on one income, that is not the basis of your loan offer and until you have a revised offer based on the facts as they are today, then, tbh, there is no point worrying.




    Signature on holiday for two weeks
  • I know what you are all saying and yes I am going to ring the bank tomorrow morning and tell them our situation and see what can be done to salvage this offer.
    like everyone else we had hopes and dreams this year and this was the last positive thing we were hoping to cling on to. 
    I sold my flat earlier this year (was rented out) so I am fully aware of running costs vs renting. But I understand the bank have to protect their interest too. 
    We are going to get my husbands income updated with his accountant this week so at least we can present that increase to the bank. 
    Thanks all. Fingers crossed they can work with the us to still move. 
  • badger09
    badger09 Posts: 11,623 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    You're doing the right thing. Hope it goes well for you.
  • macman
    macman Posts: 53,129 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Even if you have given notice, you don't have to move out on the 20th. You can sit and wait to be evicted, which at present will take many months to go through the courts. However this will involve you paying extra costs, as you will be liable for the LL's legal expenses.

    No free lunch, and no free laptop ;)
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 351.4K Banking & Borrowing
  • 253.3K Reduce Debt & Boost Income
  • 453.8K Spending & Discounts
  • 244.4K Work, Benefits & Business
  • 599.7K Mortgages, Homes & Bills
  • 177.2K Life & Family
  • 258K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.2K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.