New build delay- going into rental!

peterhjohnson

Doorlock21 said:

i think there are places to rent but not so sure. But our estate agents said they could help.

That's fine then

pinkteapot

So your mortgage company has said it won’t extend your offer. If it comes to that can’t you just apply afresh, or are current interest rates for new applications now unaffordably high for you?

If that happened and you were in rented you’d either stay renting or buy a cheaper house. 

pinkteapot

So your mortgage company has said it won’t extend your offer. If it comes to that can’t you just apply afresh, or are current interest rates for new applications now unaffordably high for you?

If that happened and you were in rented you’d either stay renting or buy a cheaper house.

But if you don’t want to rent, don’t. As I said, worst case is your buyer pulls out in which case you look for a new buyer.  

Doorlock21

pinkteapot said:

So your mortgage company has said it won’t extend your offer. If it comes to that can’t you just apply afresh, or are current interest rates for new applications now unaffordably high for you?

If that happened and you were in rented you’d either stay renting or buy a cheaper house.

But if you don’t want to rent, don’t. As I said, worst case is your buyer pulls out in which case you look for a new buyer.  

I think our worst risk is being left
 without a home as I have 2 kids. And we are possible going to stay with family.

we are borrowing over £500k, so going for a new mortgage will definitely be a no with the new interest rates 

housebuyer143

Why don't you, apply for a new mortgage with another company in Oct/Nov. It will be valid for 6 months, giving you until April/May, June at latest. Then if you get the new offer, you could move into rented knowing you have a means to buy the house as long as it does not go past May? 
You are allowed to have more than one mortgage offer for a genuine reason, just ensure you use the same solicitor and let the new lender know you have an offer but want to proceed with them for X reason.

If you lose your buyer, you may find a new buyer but that could easily fall through and then you lose the new build. You need to decide which risk is worse for you. 

Fyi. My sisters new build was due Feb 2022, it's still not done and they are looking at next year. You can't will it to be ready unfortunately. 

housebuyer143

Doorlock21 said:

pinkteapot said:

So your mortgage company has said it won’t extend your offer. If it comes to that can’t you just apply afresh, or are current interest rates for new applications now unaffordably high for you?

If that happened and you were in rented you’d either stay renting or buy a cheaper house.

But if you don’t want to rent, don’t. As I said, worst case is your buyer pulls out in which case you look for a new buyer.  

I think our worst risk is being left
 without a home as I have 2 kids. And we are possible going to stay with family.

we are borrowing over £500k, so going for a new mortgage will definitely be a no with the new interest rates 

Just seen this comment... If you can't afford the mortgage on the new rates which are still way below average, what is your plan for say 5 yrs when the rate ends? 
Chances of historical lows coming back are very unlikely and 3-4% are likely the norm as they were a few years ago. 

Doorlock21

housebuyer143 said:

Doorlock21 said:

pinkteapot said:

So your mortgage company has said it won’t extend your offer. If it comes to that can’t you just apply afresh, or are current interest rates for new applications now unaffordably high for you?

If that happened and you were in rented you’d either stay renting or buy a cheaper house.

But if you don’t want to rent, don’t. As I said, worst case is your buyer pulls out in which case you look for a new buyer.  

I think our worst risk is being left
 without a home as I have 2 kids. And we are possible going to stay with family.

we are borrowing over £500k, so going for a new mortgage will definitely be a no with the new interest rates 

Just seen this comment... If you can't afford the mortgage on the new rates which are still way below average, what is your plan for say 5 yrs when the rate ends? 
Chances of historical lows coming back are very unlikely and 3-4% are likely the norm as they were a few years ago. 

Because we had to go to a lender with adverse credit. So I’m 2 years time we can  go to a new lender. 

housebuyer143

Doorlock21 said:

housebuyer143 said:

Doorlock21 said:

pinkteapot said:

So your mortgage company has said it won’t extend your offer. If it comes to that can’t you just apply afresh, or are current interest rates for new applications now unaffordably high for you?

If that happened and you were in rented you’d either stay renting or buy a cheaper house.

But if you don’t want to rent, don’t. As I said, worst case is your buyer pulls out in which case you look for a new buyer.  

I think our worst risk is being left
 without a home as I have 2 kids. And we are possible going to stay with family.

we are borrowing over £500k, so going for a new mortgage will definitely be a no with the new interest rates 

Just seen this comment... If you can't afford the mortgage on the new rates which are still way below average, what is your plan for say 5 yrs when the rate ends? 
Chances of historical lows coming back are very unlikely and 3-4% are likely the norm as they were a few years ago. 

Because we had to go to a lender with adverse credit. So I’m 2 years time we can  go to a new lender. 

Ah I see. I imagine the rates there are very high at the moment so I do see your predicament. 
I would probably not sell my house then without mine being ready. If it doesn't work out and you lose your buyer then maybe just wait 2 years and start again with a mainstream lender 

Doorlock21

housebuyer143 said:

Doorlock21 said:

housebuyer143 said:

Doorlock21 said:

pinkteapot said:

So your mortgage company has said it won’t extend your offer. If it comes to that can’t you just apply afresh, or are current interest rates for new applications now unaffordably high for you?

If that happened and you were in rented you’d either stay renting or buy a cheaper house.

But if you don’t want to rent, don’t. As I said, worst case is your buyer pulls out in which case you look for a new buyer.  

I think our worst risk is being left
 without a home as I have 2 kids. And we are possible going to stay with family.

we are borrowing over £500k, so going for a new mortgage will definitely be a no with the new interest rates 

Just seen this comment... If you can't afford the mortgage on the new rates which are still way below average, what is your plan for say 5 yrs when the rate ends? 
Chances of historical lows coming back are very unlikely and 3-4% are likely the norm as they were a few years ago. 

Because we had to go to a lender with adverse credit. So I’m 2 years time we can  go to a new lender. 

Ah I see. I imagine the rates there are very high at the moment so I do see your predicament. 
I would probably not sell my house then without mine being ready. If it doesn't work out and you lose your buyer then maybe just wait 2 years and start again with a mainstream lender 

Yeah it’s really hard!

but then they keep saying December is a bigger and could be ready for November. We are going to see how it goes by November and see what progress has been made and make a decision then 

md64

@Doorlock21how is everything going? Our new build is delayed now too.. already preparing myself to loose the house if we can’t get an offer exstension.