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Hello
We already bought the house. Our solicitors told the following
"We are awaiting the signed contract and transfer from yourselves. We plan to request the deposit from yourselves on the 24th April.
We are awaiting replies to enquires and transfer from seller (we wait until replies have been responded before you sign off the contract)
We are also awaiting the water and local authority search results to come back which are due in a weeks time on the 16th."
I don't think it will take more than 2 months (I wish it takes more than 2 months!)
So is possible to buy a house and freezing the mortgage till we move in? Ex. If we have all ready to move in June. Could we speak with our lender etc to the freezer it until October?
Thanks
Originally posted by ANDRESANDRES
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There is no way your lender will allow you to "freeze" the mortgage and not start repaying until October.
Also, you have not "already bought the house" if you have not exchanged contracts - clearly you haven't as your solicitor is waiting for you to sign it and pay the deposit, and if you had exchanged you would already have the moving date set.
You could try to negotiate with the seller of your house that you delay purchase until later in the year, or ask to exchange now but delay completion until a date as far away as they will agree to, but they might walk away and find a buyer who can buy it more quickly.
Or, since you haven't bought the house yet, you could stop trying to buy this one and wait until you are actually in a position to do so.
Does your mortgage lender know that you are tied into your rental contract until October, as presumably that has a big impact on your affordability calculation?