We had an offer accepted on a house back in mid October, applied for the mortgage straight away and were told about ten days later that the amount we asked for in the AIP was now being declined and they were only willing to give us 15% less of the figure we requested. We still have three years of our fix with our lender so we are porting and borrowing a bit extra on top.
We can cover the shortfall using extra savings so we agreed to take the amount they offered and sent of the extra documentation to prove we had the extra funds. Someone else in the chain suggested 18th January for the moving date and we were happy with this however, back in mid November the person at the top of the chain then pushed for 15th December. We agreed and thought, why not, lets just get it out the way and get going.
However, we have still had no confirmation from Nationwide that they are definitely agreeing to the revised figure they offered. Our broker is continually chasing them, apparently our case was escalated to head office as it was taking so long, but our broker has told us that they have been having a complete nightmare with Nationwide and they currently have a backlog.
I'm now getting worried this will not be approved by 15th December, should we just ask on Monday to change the moving date to January some time, then it gives the other people in the chain time to revise their plans?
Our solicitor asked if we would be willing to still move out while we wait on approval, but the thought of being in some temporary accommodation over Christmas freaks me out. I have two school age children and it's just not feasible. I said we won't be going anywhere until we know either way if we have the mortgage approval or not. If we are refused, we will go into rented and try again later next year to buy. We just need out of this house and the important thing is not to lose our buyer.