Mortgage Advice Needed

Zackisback878 · 26 March 2019 at 5:04PM

Hi All

you might recognise the name - change to circumstance so advice needed please!

We offered on a house 1st Feb at closing date which was accepted, a week later ours went up for sale and despite priced competitively we had little interest (3 viewers over the 6 week window and none were in a proceed-able position)

Our vendors quite rightly gave us 6 weeks to sell ours or they would put the house back on the market, so to prevent losing it our parents gifted us what we would have been using from our house sale for the next. We got the mortgage offer with Santander - all good to go for move in end April!

Heres the spanner in the works, we had a viewer last night who has made an offer today :T

However, we now have a very complicated mortgage (some on fixed rate as porting current mortgage to avoid ERC and rest on tracker as only a tracker would allow us to make a major overpayment from the proceeds of our current house sale)

We have 4 weeks until we move in and I was wondering if we are best speaking to Santander as we may not require such a complex mortgage after all? Our buyer wants in asap and has finance in order to do so, on the other hand Im realistic and know sales can quickly fall through so would be advantageous to know our mortgage covers that,

Anyone more knowledgeable on the situation please advise :j

foxy-stoat · 26 March 2019 at 5:09PM

Stick with your plan, if that buyer pulls out or starts playing the low offer game after survey then you may have to decline and revert back to the complicated plan.

ACG · 26 March 2019 at 5:26PM

You might also find that you can put the money from the mortgage into a savings plan to negate the rate or even profit from the mortgage. Not ideal, but it gives you some flexibility if anything goes wrong.