Excessive worrying between exchange and completion - Halifax Mortgage

rottcodd

UnderOffer said:

If you are a natural worrier then 6 weeks between exchange and completion is an incredibly long time for you to to be anxious for, however as others said try and focus on other things and look forward to your new home. 

I am interested though, did you find it difficult to get buildings insurance for this longer period? Our insurance company seemed to indicate there would be a maximum length of time not exceeding 3 weeks a few years ago when I enquired. 

Sorry just spotted this quesiton... we are buying a leasehold so the buildlings insurance is covered by the freeholder, so this is not something we have to worry about (according to our solicitors)

FlyMeSomewhere79

We're getting close to exchanging contracts and our mortgage broker has been spot on so there's not really anything to worry about unless your house purchase has dragged on for months and months and your mortgage offer might expire and need renewing but you usually get 6 months on them.

If your partner did by any chance get made redundant all that matters is can you meet the mortgage payments if so let things ride because he may find another job pretty quick if the worst was to happen.

kingstreet

In coming up on 40 years in the financial services sector I've heard of one case where an offer was withdrawn after exchange and that was fraud-related. Never seen one myself.

rottcodd

FlyMeSomewhere79 said:

If your partner did by any chance get made redundant all that matters is can you meet the mortgage payments if so let things ride because he may find another job pretty quick if the worst was to happen.

Thanks. But I think disagree with your "all that matters" bit here. If my partner did get made redundant before completion, we would be obliged to inform our mortgage provider this. Even though my partner has savings that would likely easily cover their side of the mortgage payments until they found another job, Halifax in response to the information about redundancy would perform a new affordability check that looks at our new combined income (which would just be mine). My income alone would fail the affordability checks... - hence my worrying about this!

So I will just have to hope that doesn't happen for now. 

Hoenir

FlyMeSomewhere79 said:

If your partner did by any chance get made redundant all that matters is can you meet the mortgage payments if so let things ride because he may find another job pretty quick if the worst was to happen.

In accepting the mortgage offer and signing the declaration box. You are agreeing to inform the lender of any material changes in your circumstances after the application was submitted. The small print exists to protect the lenders interests. Few people bother to read it. Just assume. Contractual law is well established. 

rottcodd

.. In case anyone comes across this googling the same issue, we successfully completed today. No further credit checks although I guess they might take a while to appear anyway. Good luck out there! 

RHemmings

Congratulations