Delay exchange?

[Bobochops]

My first time buyers are pushing to exchange this week and complete a week later (8 weeks since offer), which I've agreed to, but I"m now having a wobble. I've been actively looking for something else to buy but nothing has come up. I can live with family so it's not drastic if I sell with no onward property, but the tightening up on mortgages/affordability is making me really nervous.

To give context, I'm a single mum in my 40s and have two children under 5. I'm in a relatively secure job (but who knows at the moment?) and would have to increase my mortgage by at least £40-50k to buy near family and work which are my main reasons for moving (logistics are hard without help nearby). I'll have a 20% deposit and probably won't have any money left in savings once I've bought. Looking at properties 180-190k.

I've spoken to a broker who has done preliminary checks and they think I'll be ok but hearing how lenders are putting the brakes on and friends losing jobs has made me rethink. Am I crazy to put myself in a precarious financial position?

I'm considering asking my buyers to delay exchange for 4-6 weeks to allow some more time to try and find a property and obtain a mortgage offer. This is the first house I've sold and wondered if others would do the same in my situation and if this is an unreasonable request. I appreciate I might be in the same position in 6 weeks' time!

Thanks

It's a very difficult situation, as a buyer is likely to be very unhappy if you ask to change the exchange and completion date at the 11th hour. Do you know if they are living with family, or if they have given notice on a rental property in order to move into your current house upon completion?

I can imagine you are at risk of losing your buyer, however you need to protect yourself and your family. If I were you I would ask to delay in the knowledge that I might lose my buyer....I would just have done this much sooner. This said there is no point in looking back and this epidemic is a constantly evolving situation (both in itself and its impact on the financial landscape), so you can only do what you feel is safest for your family now.

I agree with @Bumblebee1812

I’d probably speak to another mortgage broker too to see if they come back with the same numbers. You might find that reassuring.

Thank you, @Bumblebee1812. I agree. I believe they are living with family, but I still feel lousy.

That'a a good idea, @JoJoSM2 I'll do that and see what they come back with. Maybe I'll need to risk it and hope for the best.

I'm very risk adverse and I'd wait till I'd found something in case the property market rises a lot and you get left behind. That's in addition to the mortgage issue. Just apologise and say you need to find something before you exchange.
If however you'd sold yours for a really high-price or it was very difficult to sell, I might take a different view.