Waiting a lifetime for mortgage offer

[apric0t]

Long story short DH and I are both self employed. We found a house we love and put in an offer back in April, we've been waiting for our mortgage offer to come through since then.

We have gone back and fourth maybe 4/5 times with them asking for more and more and MORE info, we've completed our most recent tax return, provided four years of books, had a reference from our landlord etc etc

Basically we've been waiting so long for the approval to come through the seller has gotten sick of waiting and says he's putting the house back on the market on Monday. We were previously told there would be a three day wait for the approval to come through since the most recent submissions of updated info, today is day four and still waiting!

I rang up the lender and they said there is nothing they can do as are currently running two weeks behind in getting things approved. I asked for our case to be flagged as urgent but they said they. An only so that if we are due to exchange within 48 hours, but solicitor says can't book date for exchange without mortgage offer in place.

This was a pretty pointless post actually I've just realised but I'm so massively stressed with waiting, we have to be out of our current house by sept 1st.

Lender is saying Covid is slowing everything down, what else can I do at this point?

Thanks

Didn't want to read and run!

Sorry to hear that!

Did you have agreement in principle? Are you using mortgage advisor? They are quite good and motivated to get mortgages sorted asap so they can move on...

Yes we have a broker who specialises in mortgages for self employed people.

We were basically told that after we got the mortgage in principal and then subsequently applied they moved the goalposts and changed the terms. Our broker appealed to the lender but they shrugged it off as Covid affected everything and we just had to deal with it. We've almost been waiting 100 days it's awful.

If we don't get the offer in time we will have missed our shot as there won't be time to reapply with another lender as we have to be out of here sept 1st!

Just seems so unfair as friends of ours who earn less and had a smaller deposit were lent half a million and we're not even asking to borrow half that.

if you are currently in rented accommodation and your landlord has given you notice, then 1st September is merely the date when the landlord is allowed to apply to the court to request an eviction order - there will be no bad consequences if you have not moved out by then. the covid situation means it could be months before an eviction order is granted. so don't panic. keep paying the rent. you are not doing anything wrong if you stay put until a court ordered eviction notice is granted.

can you ask the vendor if they will accept some amount of money as a holding deposit in exchange for not remarketing the house while you get the finances sorted?

Which bank are you waiting for?

If you need a date for exchange to flag it as urgent, then get your solicitor to prepare to exchange in 48 hours - I'm assuming you are ready to exchange bar the mortgage, as everything has taken so long?

Woo got the call this morning that we've got the offer and looking to exchange and complete in 2 weeks!

Thank you for replying, and I hope to hell I never have to move again!

I love a happy ending! Good luck with the move

Good luck with the move! We are still waiting for our valuation to complete in two weeks...

Great news!!! Congratulations!!!

Congrats @apric0t! Ours took 7 weeks and it's been torture, so I can relate!