Mortgage expiring, reduce offer?

NameUnavailable

I would reiterate to the EA about the expiry date of your mortgage offer and see if they can apply any pressure. Would your vendors break the chain?

I'd also go back to your broker and mention that as the lender can't extend you're looking around at other mortgage co's to see what options you have elsewhere (they should jump straight onto this as they won't want to lose the business).

As for a reduced offer, it's a risk in that the vendors might take offence and if prices genuinely have increased they might remarket but signs are that the market is cooling at best and some are predicting a crash as inflation/rates and cost of living are going through the roof...

Sarah1Mitty2

If mortgage rates keep going up by the time they re-list they will probably get an even lower valuation than yours, you have nothing to lose by gently reminding them of this and asking for something off.

lookstraightahead

Sarah1Mitty2 said:

If mortgage rates keep going up by the time they re-list they will probably get an even lower valuation than yours, you have nothing to lose by gently reminding them of this and asking for something off.

I don't know - some vendors are in denial as it's been a sellers' market for so long. 

london21

Contact the estate agent and communicate your concerns to them about your mortgage offer expiring.

Later if the mortgage deal expires and you will have to find an alternative with higher interest rate, would say no harm asking for a discount and if they said no can then decide way forward.

Depending on the asking price in your local area they might say you are already getting a good deal.

Maybe you might still meet the offer deadlines because rates are only going up at present. 

Ramouth

We faced a sinilar dilemma with the end of the stamp duty holiday.  We thought about asking for a reduction as it was their change of purchase that made us miss the deadline.  But then we would have been in the same situation if we walked away and bought something else.  

I do feel for you - it is a very frustrating situation.  But, unless you are really willing to walk away and buy something cheaper to offset the additional monthly cost, you are not in a particularly strong negotiating position.

julicorn

We're in a similar position, but our mortgage interest would be going up by £400/month minimum. Not really sure what to do yet. It's the same for our sellers, and they've indicated that they might have to step back from the sale / their purchase if it came to it. 

Just_another_saver

Thanks for all your views. I think it’s probably best not to renegotiate. I’d be really disappointed if they backed out at this point and as someone mentioned my negotiating position isn’t that strong. 

So frustrating and and annoying but it is what it is for now I guess

secla

We are in a similar position, in a no chain purchase and we’re 6 weeks away from mortgage offer expiring in pretty much the most basic of purchases.
it’s getting frustrating and I have told the ea and solicitors with the interest rate rise and cost of living I can’t guarantee we will be able to secure a new offer.

even though the delay is down to an elderly seller and 2 solicitors which in my mind seem pretty slow in dealing with queries it is only me that is likely to lose out as I can’t see renegotiation at this point will go in my favour