Considering lower my offer due to mortgage rates increase, is this a reasonable excuse?

Ath_Wat

Once they find out you have lost your buyer they are probably going to remarket anyway.  Any reduced offer from you will only come into play if you manage to find another buyer before they do

[Deleted User]

Near the start of the topic you dismiss any difficulty in finding a new buyer, but then you voice that if anything property prices in your area have reduced. So thats a problem right there, isnt it?

Plenty of wise words that you should cut your losses.

I also guess that it isnt reasonable to delay the chain above you as you search for a  new buyer when you are already aware that the purchase is now an unaffordable proposition to you.

Sarah1Mitty2

k3lvc said:

You can ask for what you like - all depends on whether you have the intention of moving at any time soon

Having no buyer is far from the least of your worries as without one you're going nowhere at all 

This leaves the rest of your question a bit immaterial because, depending on the market in your specific area, I'd be expecting the vendor to re-market, potentially at a higher price, leaving it even more out of your reach

With rising mortgage rates? Very unlikely.

sevenhills

housebuyer143 said:

It's definitely not your fault. No one really expected rates to shoot up the amount that did in a short space of time and lenders have made their lending affordability tighter due to rise in bills. I can appreciate how many people have not budgeted for such a rise because they have never seen them go much higher than 2% in recent years. 

People have been getting one and two year fixes, a waste of time because no one knows when rates will increase, just that rates will increase.
People are in a short term fix, then when they come off, rates are way up.

Sarah1Mitty2

Ath_Wat said:

Once they find out you have lost your buyer they are probably going to remarket anyway.  Any reduced offer from you will only come into play if you manage to find another buyer before they do

This is probably what will happen yes.

Woolsery

Other very important things in the outghoings mix include the effects of energy price hikes. Nobody knows exactly where these will go, but their effects on employment, prices and the economy in general is bound to be dire.

TheJP

Troy_af said:

Hello.

 The only possible solution I can think of is that I request a reduction in the asking price to bring the payments back down.. which would be around £6,000.

I know I am well within my rights to ask for this because without doing so I will have to pull out and the chain will collapse. But on the other hand I know it sounds extremely cheeky and I would not be happy if it was to happen to me the other way around, so I am just looking for some advice.

So your buyer pulled out and you want your seller to pony up £6k because you over stretched yourself. House ownership doesn't suit you.

Adjust expectations along with budget and you will then come to a manageable conclusion. 

bpj

When did you lose your buyer?

If they have pulled out based on affordability you might try to enter a dialogue on how much they can now afford.

I think that negotiating reductions up the chain with a view to keeping things on schedule would go down much better than approaching your sellers with a delay plus a reduction.

Good luck.

Troy_af

TheJP said:

Troy_af said:

Hello.

 The only possible solution I can think of is that I request a reduction in the asking price to bring the payments back down.. which would be around £6,000.

I know I am well within my rights to ask for this because without doing so I will have to pull out and the chain will collapse. But on the other hand I know it sounds extremely cheeky and I would not be happy if it was to happen to me the other way around, so I am just looking for some advice.

So your buyer pulled out and you want your seller to pony up £6k because you over stretched yourself. House ownership doesn't suit you.

Adjust expectations along with budget and you will then come to a manageable conclusion. 

Thanks again for the advice.

If you re read my question you will see that I didn't want or demand anything from the seller, I just asked for opinions from people as to if it  would be reasonable given the circumstances. Also, for comparison, if my buyer had approached me with the same question, then no, I would not have taken offence to it.

As I've said bills for some people are now 400/month higher than they were 6 month ago. Can someone please explain to me how, at this level of increase, it would not be reasonable for someones affordability to possibly change in these circumstances.. because 400/month to some people is a second mortage !

Because I seriously must be missing something here, as must my mortage advisor, estate agent and solicitor I guess, who all btw say they agree and understand the situation, not to mention are seeing it happen quite regularly at the moment.

Again I'm not trying to argue with anyone.. I am trying to have a discussion here. Because to be told home ownership just isn't for me, I would honestly just like to know where I am apparantly going wrong, considering I already own a home, have never missed a payment, have also managed to save an extra 40k towards a deposit for a new home, whilst also overpaying on my current mortage for the last 3 years. 

This has maybe been blown out of proportion a little based on what I originally said and I realise it may have come across the wrong way. Ok, of course the 100/month extra on the mortgage is not the only reason, the other increases in the costs of living have also contributed massively. A better way of putting it was possibly - due to the cost of living crisis, my affordability has now changed. The extra on the mortage just felt like it was tipping things over the edge. Or should I say, putting it just outside my budget (yes I know what a budget is and I do have one!).

I understand from the responses that asking for money off is clearly not the right, or fair thing to do in most peoples opinion. I was only trying to come to a solution, because for the seller, me asking for a reduction (when I already offered over the asking price in the first place) may be better for them than losing me as a buyer.

I just have to say I disagree with the whole vibe I'm getting here of it all being my fault and I'm wasting everyone's time. As I said previously, I'm down a few thousands now after 2 house sales failing and my mortage being on its variable rate for the last 18 month, the last thing I want to do is waste people's time, honestly. 

Thanks again though..  I think I have my answer here and maybe this thread should go into the budgeting section.

Troy_af

bpj said:

When did you lose your buyer?

If they have pulled out based on affordability you might try to enter a dialogue on how much they can now afford.

I think that negotiating reductions up the chain with a view to keeping things on schedule would go down much better than approaching your sellers with a delay plus a reduction.

Good luck.

No chance of keeping the buyer.. as far as I know they have went for a new build for a cheaper price, meaning also no chain.