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Original poster

Update on house buying query

8 replies

ish13 · 18/07/2023 14:28

I had posted this few days back. To provide a overview, we are FTBs and have offered on a property, it has been around 2 weeks. EA told us that the vendor is fine with the offer (but never got any written acceptance). He said that he want to be very cautious and want to confirm the chain first, and suggested that we shouldn't instruct our solicitor yet. We haven't gotten any confirmation till now.

Update has been that our mortgage broker called today morning and mentioned that we need to go ahead with our mortgage application asap as the rates (that were promised to us) are being withdrawn today. We called the EA and told him that we need some answer from him. We haven't heard back from him even after attempting to call him multiple times. We are sort of in a fix regarding his attitude and the whole situation. Can you please advise what would be the ideal thing to do in this case? Thank you!

House buying query | Mumsnet

We are FTBs, hence we are seeking some help to understand and navigate the situation. We offered a slightly less than (reduced) asking price for a pro...

https://www.mumsnet.com/talk/thirty_days_only/4848267-house-buying-query

OP posts:
DrySherry · 18/07/2023 14:34

Other than clarifying by email, which is always a good idea, I don't see what more you can do other than going to knock on the vendors door to explain in person. Not sure I would personally do that.
I sympathise with your situation.

KievLoverTwo · 18/07/2023 14:36

Your mortgage broker will be right. Lenders are increasing NOW before the next BoE rise on 3rd August. Do it. Stipulate that whatever mortgage you apply for, (if possible) you want to be able to move that mortgage offer to another property, should this one fall through.

Be quick. Some of them pull rates with 4 hours' notice.

DrySherry · 18/07/2023 14:51

KievLoverTwo · 18/07/2023 14:36

Your mortgage broker will be right. Lenders are increasing NOW before the next BoE rise on 3rd August. Do it. Stipulate that whatever mortgage you apply for, (if possible) you want to be able to move that mortgage offer to another property, should this one fall through.

Be quick. Some of them pull rates with 4 hours' notice.

How can they without heads of terms ? The offer hasn't been officially accepted?

KievLoverTwo · 18/07/2023 14:58

DrySherry · 18/07/2023 14:51

How can they without heads of terms ? The offer hasn't been officially accepted?

Show quote history

We've never needed any paperwork from estate agents for a mortgage application to say an offer's been accepted.

They come back later and ask for more stuff. It's the getting it in now at today's rate that's important.

Or, OP might be able to get a decision in principle from the particular lender today which is valid for a month that turns into an application, we've done that before.

DrySherry · 18/07/2023 15:02

KievLoverTwo · 18/07/2023 14:58

We've never needed any paperwork from estate agents for a mortgage application to say an offer's been accepted.

They come back later and ask for more stuff. It's the getting it in now at today's rate that's important.

Or, OP might be able to get a decision in principle from the particular lender today which is valid for a month that turns into an application, we've done that before.

Show quote history

OK, didn't know that was plausible. Learn something on here every day :)

KievLoverTwo · 18/07/2023 15:04

DrySherry · 18/07/2023 15:02

OK, didn't know that was plausible. Learn something on here every day :)

Show quote history

I mean, maybe my memory's shaky, but the last one was only May. We've done it twice and never had to show a mortgage broker proof that our offer has been accepted. At least not at application stage, anyway.

Original poster
ish13 · 18/07/2023 15:42

@KievLoverTwo We have the MIP, but the mortgage broker insisted that we need to submit the mortgage application asap to secure the rates. So, learning from your insight we will go ahead with that, thank you for the tip :)

OP posts:
KievLoverTwo · 18/07/2023 15:46

ish13 · 18/07/2023 15:42

@KievLoverTwo We have the MIP, but the mortgage broker insisted that we need to submit the mortgage application asap to secure the rates. So, learning from your insight we will go ahead with that, thank you for the tip :)

I really don't think your broker is blagging it. This is happening all the time at the moment.

Just be prepared for them to take any arrangement fee out of your account straight away; our broker failed to tell us this last time; I looked at our account the next day and it was 1k down.

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