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Wait for Memorandum of Sale before mortgage and survey?
booksandbikes
Posts: 205 Forumite
Hello,
We offered on a property over the weekend, and had our offer verbally accepted. The vendor will be buying a park home and the estate agent has said she is currently viewing with them.
Should we wait until the chain is complete before we start the mortgage application and surveyors? Or if we choose not to wait, should we at least wait for the Memorandum of Sale to be issued?
I don't want to risk any delays. I read that the mortage application (we are with Barclays and intend to port) can take up to 3 months, so am thinking it is best the get this process started asap?
Thanks.
We offered on a property over the weekend, and had our offer verbally accepted. The vendor will be buying a park home and the estate agent has said she is currently viewing with them.
Should we wait until the chain is complete before we start the mortgage application and surveyors? Or if we choose not to wait, should we at least wait for the Memorandum of Sale to be issued?
I don't want to risk any delays. I read that the mortage application (we are with Barclays and intend to port) can take up to 3 months, so am thinking it is best the get this process started asap?
Thanks.
0
Comments
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I don't understand how you can offer when you don't yet know what mortgage you will be getting?£216 saved 24 October 20140
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youth_leader said:I don't understand how you can offer when you don't yet know what mortgage you will be getting?
Because everyone can work out roughly what mortgage they're likely to be able to get - 4.5 x salary + deposit.
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We have an AIP, but also we have ended up buying a house where we can reduce our current mortgage balance that we are planning on porting across.youth_leader said:I don't understand how you can offer when you don't yet know what mortgage you will be getting?1 -
Yes. Absolutely.booksandbikes said:Should we wait until the chain is complete before we start the mortgage application and surveyors?I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.1 -
I waited until the seller found a house (their seller was still looking, so the chain wasn't fully closed), but I do think you should wait until the chain is closed.I insured my solicitors money, so if it falls through I get something back. The mortgage rates can drop so it might be wise to hold back until you know when the process can begin (mine is tracker, so it didn't matter too much, doubt other trackers would be far lower if they come down)I'm FTB, not an expert, all my comments are from personal experience and not a professional advice.Mortgage debt start date 11/2024 = 175k (5.19%)... Q1/2026 = PAID (3.94%)1
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Good luck! I hadn't realised it was wise to wait for the chain to complete and paid for my survey before the vendor had found somewhere. Luckily my sale did complete. A friend waited five months for her vendor to find somewhere ... unfortunately she couldn't, and the sale fell through as she decided to stay.£216 saved 24 October 20141
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