Advice on house sale

[Ash2345f]

We sold our home at the beginning of August and offered on another property the same month which was accepted.

Everything was going smoothly until last week when the vendors of the property we are purchasing told us they could no longer get a mortgage (we were all meant to complete on 26th October 2026) all paperwork is back etc.

There is 4 people below us in the chain who are expecting to complete on this date.

We have two children aged 6 and one on the way due 10th January we are now faced with two options; try and ask to delay completion date whilst we try and find another house and potentially risk losing the sale, but keep our lower interest fixed fee by porting our current mortgage across.

Or we could continue with the completion date move in with family whilst continuing to search for a home but then have to potentially face the increasing mortgage rates.

The home we live in currently is a 3 bed we have no room for baby items, storage for any clothes etc hence another issue we are trying to navigate through we are also nearly packed.

The whole thing couldn’t have come at a worse time.

Any advice welcome or if people have been in similar situations- we have emailed our mortgage advisor today to see if we have any other options. Thanks in advance.

Either option you will either keep your good mortgage rate if you find something quickly or lose it if you don’t?!

So the main decision you need to make is either ask for a later completion date, though with are a few in the chain other peoples mortgage offers way expire too!

How quickly did your house sell? In this market I’d go ahead with the sale. Is there anything else online you’re even interested in?

You could continue and sell your property - and then continue to look for a new house but I wouldn’t move in with family.

I’d look to get a short term rental so you have your own space as such - without the worry or burden being placed on someone else .

Complete the sale and rent

Complete the sale, if you possibly can. With so many in the chain, I'd be worried another link in the chain will break before exchange of contracts. We ended up renting when our purchase fell through. It's a hassle, especially as you have 3 little ones, but it's a means to an end, and you may find a better property to buy in the long run.