First time mortgage

Housebuyer24

This has probably been asked loads but my lack of knowledge is not helping the level of anxiety so I was looking for some expert guidance.

So I am a FTB. I have rented for 15 years and my landlord has decided to sell the property abruptly which has thrown me into a panic as I definitely wasn't prepared for this. The house we are in is far too expensive to buy.

I obtained a MIP and put an offer on a house which was acceptable on the 27.09.24.

Mortgage application prep work started to apply to Precise Mortgages and 5 unpaid payments were found on my 3 months account. There's no excuse apart from poor management of my accounts and I'm ashamed of the above. But all were paid within a few days of the unpaid. 

So my broker has been fantastic. He called me yesterday and said he thinks we should wait atleast a month, at this point only 3 unpaid payments will be showing.

My first question was do I tell the seller I can't go through with my offer. He has advised me not to advise yes and to start the solicitor process with the hope we can submit in November. If not December will show 0 unpaid dd and he is fairly certain the mortgage will go through then.

I've spoken to the solicitor and she has sent me over all the paperwork. I know this is a risk but I have nothing to lose. 

He has told me a Mortgage can be completed in 14-21 days which would take me the latest December 21st.

At this point it would be 3 months from offer acceptance.

Am I over reacting. Because of the unknown I'm really worrying something is going to fall through. I was initially told that a house buying process would take approx 4 months but wasn't expecting there to be a 2 months (potentially) delay in mortgage application. 

Any form of reassurance or guidance would be appreciated

Mark_d

15 years is a long time to be in rental accommodation.  The longest stint in rental accommodation for me has been about a year.  It's not purely financials but also the feeling that you can do what you like in your own home...
Congratulations on getting an MIP and having an offer accepted.
5 unpaid payments in three months!  How did this happen?  If you had a mortgage, is there a danger you might fail to pay it - just as how you failed to pay these other amounts?
Mortgage applications are very quick in relation to the conveyancing process.  Take your mortgage broker's advice and work on the assumption your mortgage will get approved.  Mortgage lenders are less picky than other lenders because if you default on a mortgage, they can take your house!
A house purchase often takes 3-6 months.  Delays can occur for so many reasons.
Don't worry!

ACG

What adverse is there? 
3-4 late payments over 5 years ago? Sorry I am struggling to work out. As Precise seems like a massive overkill if that is the case. 

There are times where we start the legal work before the mortgage application due to the customer not fitting criteria. It might cause a bit of a delay but nothing significant as you can have offer in a couple of weeks.

Myci85

One thing to consider is what is going on in the chain above you - are the people you're buying off also needing to buy their next place? And so on? As many people advise not to start conveyancing and mortgage applications until the chain is complete, i.e. the last person is buying a house that is either already empty or the owners are going into rented/care home/moving abroad etc. If this hasn't happened yet, this will also buy you some time. 

Hoenir

Myci85 said:

One thing to consider is what is going on in the chain above you - are the people you're buying off also needing to buy their next place? And so on? As many people advise not to start conveyancing and mortgage applications until the chain is complete, i.e. the last person is buying a house that is either already empty or the owners are going into rented/care home/moving abroad etc. If this hasn't happened yet, this will also buy you some time. 

By all means go slow. Until there's a mortgage offer on the table though. The vendor is likely to remain edgy and will relist the property. As a verbal offer made on a property is just words with no substance. 

amnblog

ACG said:

What adverse is there? 
3-4 late payments over 5 years ago? Sorry I am struggling to work out. As Precise seems like a massive overkill if that is the case. 

There are times where we start the legal work before the mortgage application due to the customer not fitting criteria. It might cause a bit of a delay but nothing significant as you can have offer in a couple of weeks.

I think the original post suggests missed payments on recent bank statements