Is this a mortage complication???

Someone2013 · 9 October 2013 at 2:30PM

My husband and I have managed to sell our home that leaves us with a 20%deposit on the size/type of house we have been looking for.

Here is the problem. We have been unable to buy a property to our liking. Wehave had three generous final offers rejected (Two have been over the homereport value).

We need to be out of our current home in a few weeks. Due to thetime constraints and the fear of losing our buyer we are considering renting for three/six months so not to rush in to a purchase.

My question is does this gap cause problems for a mortgage application due to the fact we will only berenting for a short period of time?

Thank you in advance for any advice you can give. Everyone keeps telling me the purchase part is the fun part...... It is not working out that way for us.

somethingcorporate · 9 October 2013 at 2:33PM

Who told you the purchase was the fun part?

The looking part is the fun part, the purchasing process is horrible, stressful and frustrating!

I cannot think of any significant issues arising from you renting temporarily whilst you purchase, just get on the electoral list as soon as you can.

Foxy-Stoat_3 · 9 October 2013 at 2:34PM

Take a look at the mortgage offer, it states how long its valid for. In doubt ask your lender directly, they will probably extend it anyway as long you don't take out further credit there shouldn't be a problem.

Also it makes you in a better position if you are moving from a rented place as there is no chain your end.

Ryantymon · 9 October 2013 at 3:36PM

Foxy-Stoat wrote: »

Take a look at the mortgage offer, it states how long its valid for. In doubt ask your lender directly, they will probably extend it anyway as long you don't take out further credit there shouldn't be a problem.

Also it makes you in a better position if you are moving from a rented place as there is no chain your end.

I wouldnt imagine they have a mortgage offer as they dont have a house to mortgage?

Shouldnt be any issues but most lenders will want a 3 year address history, when you do a AIP/DIP if they couldnt verify you via their electronic ID systems then they may ask for previous utility bills with addresses on.

Is this a mortage complication???

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