About to give up

[jeepjeep4]

Hi is anyone in the same situation as we are currently?
Our house sold within two days of being on the market to a keen first time buyer.
They have until September before their mortgage offer expires and understandably they are keen to move in.

The trouble is we can't find anything to move to. Not for lack of trying, we are doing around two viewings per week even if we know there's compromise to be had with size or location or whatever.

We've offered on two houses so far but they've got to higher offers and we just can't stretch past what we've offered both times.

I feel so deflated and fed up and like we will lose our buyer.

Our current house is too small for us now he have a DC and we need the space but I refuse to move into an unsuitable home.

Nah. Mortgage fixed rates now have priced in future near term rises and are expecting falls. Mortgage fixed rates have slowly fallen to where they are now.

Unless they know something everyone else doesn’t, mortgage fixes will be the same if not better in the Autumn.

This isn’t a case of having a sweet pre-Truss rate, those unicorns expired months ago.

^* reply fail to @KievLoverTwo

Depends on the individual and how confident you are in your chain I suppose. I wouldn't wait for everyone else to have their mortgage offers finalised before starting an application, but I would wait for the chain to be complete and for everyone to have their homes have offers accepted on them before I start the application.

We already have a document from a mortgage lender basically promising us to lend us the amount and at the % agreed, so we can apply at that rate til 3rd July, so I don't fear our mortgage being turned down. Our broker went out to a lender to get this. It's still a soft search that doesn't affect your credit rating.

If folks are worried about mortgage approvals and expirations then it probably is best to get it started asap which puts pressure on the upwards chain to secure homes and get things moving, but we are buying from good friends, and we absolutely cannot bring ourselves to put pressure on them, because they are leaving their dream home and are already stressed and depressed enough.

Thanks for the fail reply, I got it!

Aaaah, that's REALLY useful to know. I been watching various lenders go down by .10-.20ish depending on the LTV over the last fortnight (mortgage strategy daily newsletter) but I certainly didn't think they would continue falling past, say, the end of this week.

So, do you reckon we will get a better rate in 2 or 3 months time than if we applied last week?

Everyone's experience on this forum is so helpful.

Your buyer shouldn’t have done their mortgage application until the chain was confirmed - so that’s their fault really. Maybe consider something lower priced that you could extend at some point?

Who can say. But if there’s a better rate then your broker should just get that for you. No idea how close to exchange that is possible, though.

Barclays snuck in below FD last week.