I should probably pull out..

RelievedSheff

There will be something else out there for you.

ArbitraryRandom

Equalee said:

So, sadly, the cost of a mortgage over course of the lifetime went over £9,000 since mortgage offer lapsed on Sunday and seller would only offer 2k drop, I've pulled out.

From what you've said, I think you probably made the best decision for you. 

But just for my curiosity, how did you reach the £9k figure - Was it based on projections for the life of the mortgage or do you mean for the life of your fix?

Because for the life of the mortgage isn't really a reasonable way to calculate loss in this situation. 

Equalee

ArbitraryRandom said:

Equalee said:

So, sadly, the cost of a mortgage over course of the lifetime went over £9,000 since mortgage offer lapsed on Sunday and seller would only offer 2k drop, I've pulled out.

From what you've said, I think you probably made the best decision for you. 

But just for my curiosity, how did you reach the £9k figure - Was it based on projections for the life of the mortgage or do you mean for the life of your fix?

Because for the life of the mortgage isn't really a reasonable way to calculate loss in this situation. 

Based on total interest paid and rates which have almost doubled since offer was first given to me. At its worse, for the exact same offer, was looking up to £50 per month more for initial term. Not an exact science but still, no interest in being penalised for nothing that was my fault.

There was also no confirmation that a deed of variation would be provided, so wasn't willing to wait another 3-6 months to be told there would be no change to ground rent variation crossing threshold.

ArbitraryRandom

Equalee said:

ArbitraryRandom said:

Equalee said:

So, sadly, the cost of a mortgage over course of the lifetime went over £9,000 since mortgage offer lapsed on Sunday and seller would only offer 2k drop, I've pulled out.

From what you've said, I think you probably made the best decision for you. 

But just for my curiosity, how did you reach the £9k figure - Was it based on projections for the life of the mortgage or do you mean for the life of your fix?

Because for the life of the mortgage isn't really a reasonable way to calculate loss in this situation. 

Based on total interest paid and rates which have almost doubled since offer was first given to me. At its worse, for the exact same offer, was looking up to £50 per month more for initial term. Not an exact science but still, no interest in being penalised for nothing that was my fault.

There was also no confirmation that a deed of variation would be provided, so wasn't willing to wait another 3-6 months to be told there would be no change to ground rent variation crossing threshold.

I'm not criticising, I completely understand why you would want to pull out (after everything that's gone on, not just your offer expiring) and I think I would have quit this one well before it reached this stage. 

I just did some ballpark maths in my head and couldn't see how you got to £9k so was curious.

If your mortgage offer was a 5 year initial term, that's 60 months; At £50 extra a month, that's £3k. 

After your initial fix you would be remortgaging at whatever the market rate was at that time anyway, so you would have been back in the situation you would have been in if you had completed on time, meaning no losses 'for the life of the mortgage'.

Or at least, that was my thinking

Equalee

ArbitraryRandom said:

I'm not criticising, I completely understand why you would want to pull out (after everything that's gone on, not just your offer expiring) and I think I would have quit this one well before it reached this stage. 

I just did some ballpark maths in my head and couldn't see how you got to £9k so was curious.

If your mortgage offer was a 5 year initial term, that's 60 months; At £50 extra a month, that's £3k. 

After your initial fix you would be remortgaging at whatever the market rate was at that time anyway, so you would have been back in the situation you would have been in if you had completed on time, meaning no losses 'for the life of the mortgage'.

Or at least, that was my thinking

Nah you're there or there abouts. My thinking was also that prices have gone down since Summer 2022, with some a very similar property on the same street dropping 10 grand due to lowering prices. As I've not even been able to get a draft contract after all this time, it's worth considering. Anyway, hope it goes well for seller and I'm sure it will go for what they want in the end!

Sarah1Mitty2

If similar properties are dropping you probably did the right thing.