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Help - for traffic - house chain broken - any advise - urgent

(22 Posts)
ginorwine Wed 14-Feb-18 19:22:42

We have offer on dream home
Location small don't come up literally in years . Queue waiting for it . As we sold offer accepted . Our buyer lost their buyer just now as their buyer were refused mortgage .
We have a mort of 23 k
The house is worth 250 k
The house we desp want is 235 k
My husband s income is 55k mine doesn't count as zero contract
Is there anything we can do
If it goes back on market it will be snapped up . Thanks .

FrogFairy Wed 14-Feb-18 19:41:20

Speak to a mortgage advisor to see what your options are. Maybe mortgaging your 3xisting property and/or bridging loan. Not ideal but might help you get the house you want.

wheresmyphone Wed 14-Feb-18 19:45:08

Yes, speak to mortgage advisers (try a few and shop around) and try your bank too. Someone will help if you have a good credit record. And don’t panic and take the first expensive deal you are offered. Good luck!!!!!!

Puzzledandpissedoff Wed 14-Feb-18 19:45:21

What's the position of the vendors (dream home owners) ... is there a chain above them or could they afford to wait for your buyer to re-sell and the chain to become intact again?

And does your buyer have an easy to sell type of house that will attract first time buyers, or is it likely their next sale will create an even more complicated chain?

You're obviously very committed to this, and if "dream home owners" turn you down and re-market the place they could easily find themselves in the same position again. In your position I'd be open about what's happened and say again how very much you want the place ... and in their position I'd do everything I could to hang on to a motivated buyer like yourself

KevinTheYuccaPlant Wed 14-Feb-18 19:46:11

You should be able to get a bridging loan for that, given how small your current mortgage is, but it's likely to be expensive (I had a quote earlier this week for 1.25% a MONTH).

ginorwine Wed 14-Feb-18 20:37:06

The owners of our dream home have a waiting list of people to buy it .
Thanks all .
Trouble is it is out of the area and they have locals lined up to buy . We. Have waited years for this .

ginorwine Wed 14-Feb-18 20:37:59

We have very little spare money as two kids at uni .
If anyone knows any good companies please advise .

MrTrebus Wed 14-Feb-18 20:38:28

A zero hour contract income can be used potentially,find a good broker.

ginorwine Wed 14-Feb-18 20:42:03

Our buyer s buyer is first time buyer level

It's just that we are desp not to lose the other house

Puzzledandpissedoff Wed 14-Feb-18 21:03:40

Good news that your buyer's house appeals to first timers, but what exactly do you mean about there being "a waiting list" of buyers for your dream place?

No doubt it's desirable but that's not how things usually work, at least in the UK. Generally sellers consider offers, accept their chosen one and everyone goes from there, so is this perhaps just something the estate agents have said?

In any case, unless someone on that "waiting list" has cash to pay with and no house to sell (in which case why didn't they accept their offer in the first place?) your vendors wouldn't necessarily be better off with anyone else, and as I've said the same thing could easily happen again

It's stressful I know - I've just bought a house where it was one thing after another - but I honestly wouldn't panic quite yet

NoSquirrels Wed 14-Feb-18 21:11:15

How far through the process are you?

If lots of searches etc have been done & you’ve invested in the process you’re in a better position than if you’ve only just had an offer accepted.

How quickly might another buyer come along - presumably the propert down the chain that’s fallen through wil be relisted ASAP?

Nicolaw06 Wed 14-Feb-18 21:13:04

Snap! We are in the same position, though we’ve had 2 buyers buyers pull out on us within the last month 😢. Still clinging onto our dream house and hoping things tie up again soon.
Would really advise against a bridging loan. High risk (2 mortgage payments each month and interest on the loan, plus all the loan fees etc) and you will get clobbered by the increased stamp duty until you sell your place as it will be classed as your owning 2 properties, even though your selling one. I think you can claim it back at some point. After our experience I’m just now thinking what will be will be and trying to go with the flow. Fingers crossed for you.

ginorwine Wed 14-Feb-18 21:14:19

They chose us because we had buyer and liked us
There are others asking to view and are on a list to buy it if we withdraw

Allthewaves Wed 14-Feb-18 21:23:33

I'm not house buying savy but could you remortgage your current home to buy the new house.

SueGeneris Wed 14-Feb-18 21:28:25

We got good advice from LCPLC - they have access to the whole market, do the mortgage tables for the papers.

If you have 227k equity you should be able to do something even if it's not ideal.

NoSquirrels Wed 14-Feb-18 21:30:54

Are you close to exchange, or still a way off?

martellandginger Wed 14-Feb-18 21:34:10

Put your house back in the market. Lower price and put conditions such as must not be part of chain and show proof of mortgage .

OutyMcOutface Wed 14-Feb-18 21:36:43

You could potentially take out a secobd mortgage with your current house as equity. Maybe if you remortgage to help to buy or take out a loan for the 23 and close your current mortgage? Find a special mortgage broker with lots of experience.

ginorwine Wed 14-Feb-18 21:42:50

Only just had offer accepted
There was a flurry of people wanting to view
We got there begged sell to us to avoid bid war
The others are on list to view if anything happened

ginorwine Wed 14-Feb-18 21:43:58

My husbands wage is 55 k however he is 58 and I don't think he wd be offered one ?

ginorwine Wed 14-Feb-18 21:45:47

Puzzle someone with nothing to sell on rented wants or mew only got offered it as they liked us . They are buying with family a big house so they need sell .

CotswoldStrife Wed 14-Feb-18 21:51:57

Due to your DH's age I think any mortgage would be very expensive and short, but speak to a broker for their advice. We got a shorter mortgage in our late forties but our age was a restriction tbh.

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