Should I pull out days before exchanging?!?

JJR45

Kysa85 said:

The exchange is likely to be the first week or two of Jan so days away if we are talking working days, weeks if we are taking into consideration the solicitors being closed for the next week or so. 

We have 4 months left on our mortgage offer. Would it be as simple as changing the property on the offer and completing a new valuation survey or will they completely recalculate and offer a new interest rate? If they do give us a new interest rate then it wouldn’t be worth the change. 

If you can complete on the new house in 4 months, it would be with your current offer, they would likely allow an extension of a month as well if things get tight.
Your Mortgage in principle is not restricted to any house (unless it is more).

Maximus5

Kysa85 said:

The exchange is likely to be the first week or two of Jan so days away if we are talking working days, weeks if we are taking into consideration the solicitors being closed for the next week or so. 

We have 4 months left on our mortgage offer. Would it be as simple as changing the property on the offer and completing a new valuation survey or will they completely recalculate and offer a new interest rate? If they do give us a new interest rate then it wouldn’t be worth the change. 

Did you apply through a broker? If so they should be able to advise on this. Our first sale/purchase fell through we did a change of address on our offer with coventry and the offer was extended by another 6 months. However I don’t know if this is an option with all lenders. 

Parties03

JJR45 said:

Kysa85 said:

The exchange is likely to be the first week or two of Jan so days away if we are talking working days, weeks if we are taking into consideration the solicitors being closed for the next week or so. 

We have 4 months left on our mortgage offer. Would it be as simple as changing the property on the offer and completing a new valuation survey or will they completely recalculate and offer a new interest rate? If they do give us a new interest rate then it wouldn’t be worth the change. 

If you can complete on the new house in 4 months, it would be with your current offer, they would likely allow an extension of a month as well if things get tight.
Your Mortgage in principle is not restricted to any house (unless it is more).

I don’t think that’s correct.  We secured a rate of 3.9 on a house in September but that fell through and the new house we are currently in process with we had to get a new mortgage offer with despite it being the same lender and 10k less borrowing. This is due to the current market changes post Truss; previously you could just switch the property.  SOOO annoying as we are now on a 4.5% mortgage 😭

pinkteapot

OP, whether you can change house with the same rate varies by lender, so ask your broker, or the lender if you applied direct (simply asking the question won’t make them take your offer away!). 

View the other houses. If you can get significantly more for your money now then reduce offer or pull out and buy something else. I’d feel incredibly guilty too, and I certainly wouldn’t do it over minor differences, but if the market has changed that much you have to do what’s right for you.

jonnydeppiwish!

Op, have you thought about just reducing your offer, citing the other properties and their prices before potentially pulling out?
At least then you get the best option either way

TheJP

JJR45 said:

Kysa85 said:

The exchange is likely to be the first week or two of Jan so days away if we are talking working days, weeks if we are taking into consideration the solicitors being closed for the next week or so. 

We have 4 months left on our mortgage offer. Would it be as simple as changing the property on the offer and completing a new valuation survey or will they completely recalculate and offer a new interest rate? If they do give us a new interest rate then it wouldn’t be worth the change. 

If you can complete on the new house in 4 months, it would be with your current offer, they would likely allow an extension of a month as well if things get tight.
Your Mortgage in principle is not restricted to any house (unless it is more).

This is a mortgage offer not a mortgage in principle. Most lenders will not transition the current rate for a new property, the OP has 4 months to make an offer and do due diligence even if the lender did let it move to the new property that is tight.

Sarah1Mitty2

jonnydeppiwish! said:

Op, have you thought about just reducing your offer, citing the other properties and their prices before potentially pulling out?
At least then you get the best option either way

Or pulling out completely until the market finds it`s level after the interest rate rises feed through, that way you avoid over-paying and potential negative equity.

clearancer

Talk to your lender
View other properties 
Reduce your offer on current property 

As a first time buyer, you are in the best position to keep your options open. 

jonnydeppiwish!

Sarah1Mitty2 said:

jonnydeppiwish! said:

Op, have you thought about just reducing your offer, citing the other properties and their prices before potentially pulling out?
At least then you get the best option either way

Or pulling out completely until the market finds it`s level after the interest rate rises feed through, that way you avoid over-paying and potential negative equity.

Not everyone buys a property to make make money. General consensus is  5 year’s minimum and they should be okay. 

If they don’t buy now and continue to pay their landlord’s mortgage then how much will they ‘lose’ that way?

As before Op, go back with a revised offer and if the vendor declines, look elsewhere. That way you’ve covered all your bases and at least given the vendor the option. It’s not a sellers market anymore, in fact down on the south coast, it’s very much a buyers market. Why? Because the inflated priced properties aren’t selling and are being reduced. That said, properly price properties are still selling, but still 2-5% under asking.

Sarah1Mitty2

jonnydeppiwish! said:

Sarah1Mitty2 said:

jonnydeppiwish! said:

Op, have you thought about just reducing your offer, citing the other properties and their prices before potentially pulling out?
At least then you get the best option either way

Or pulling out completely until the market finds it`s level after the interest rate rises feed through, that way you avoid over-paying and potential negative equity.

Not everyone buys a property to make make money. General consensus is  5 year’s minimum and they should be okay. 

If they don’t buy now and continue to pay their landlord’s mortgage then how much will they ‘lose’ that way?

As before Op, go back with a revised offer and if the vendor declines, look elsewhere. That way you’ve covered all your bases and at least given the vendor the option. It’s not a sellers market anymore, in fact down on the south coast, it’s very much a buyers market. Why? Because the inflated priced properties aren’t selling and are being reduced. That said, properly price properties are still selling, but still 2-5% under asking.

Not sure the five year thing will work now to be honest.