We have been buying/selling since February, and were due to exchange two weeks ago, stupid delays (rubbish solicitors), and then on Monday we were told the bottom of the chain had to wait for written confirmation from Santander that their mortgage had been extended (verbal confirm had been given). That was supposed to be there by 10.30 Tuesday at the latest.
But, this fax (!!?!!) did not appear, and still has not appeared. A complaint to Santander resulted in an email on Friday confirming the mortgage expires on 10th October (but still did not result in the missing fax appearing). The issue is that because of this, we have had to move the completion date again to 7th October (was initially 27th September, then 4th October). My worry is that a) buyers have been waiting for this fax and something is going wrong because it just isn’t coming b) they are not being as proactive as they might be to get it resolved (two estate agents in the chain have offered help from Mortgage brokers to chase the fax), c) we only have until Tuesday morning at the latest because my solicitor has to draw down funds by then.
The most significant worry is that, aside from losing the house we want, we will lose our 10 year fix mortgage rate if this chain collapses. At today’s mortgage rates, it would cost us £90,000 more over the 10 year fix. That is incredibly painful to contemplate.
I am wondering if there are other options, like bringing loans, or something else? Our chain is long, so it is the buyers of our buyers who are having/causing the problem (and their mortgage expires on 10th). I wondered if we offered to give our buyers some money towards a bridging loan? Or we get one? Or is there something else?
Any ideas?