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Mayalabeille

And The Dream Collapse

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If you read my previous thread we were all good to go on a nice property, good price, great affordability ratio for us................ mortgage all good.........

Partner's company went to administration yesterday :(

I have no doubt he will find a job soon but our plans are now up in the air. People are telling us to go ahead as my partner can find a job, we declare his new job (I would not take the risk to fraud) and see what happen then.

We have already paid for the survey but that's all.

If my partner was finding a new job would we even be considered by the mortgage company as he would be in a new job?

Pfffffffffffff I am completely lost. I don't want to lose this property as it is ideal for us but at the same time it seems to be the more reasonable thing

Maya

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If you read my previous thread we were all good to go on a nice property, good price, great affordability ratio for us................ mortgage all good.........

Partner's company went to administration yesterday :(

I have no doubt he will find a job soon but our plans are now up in the air. People are telling us to go ahead as my partner can find a job, we declare his new job (I would not take the risk to fraud) and see what happen then.

We have already paid for the survey but that's all.

If my partner was finding a new job would we even be considered by the mortgage company as he would be in a new job?

Pfffffffffffff I am completely lost. I don't want to lose this property as it is ideal for us but at the same time it seems to be the more reasonable thing

Maya

sorry to hear that. underlines the advice I am sticking to - and giving out to mates for free - you need 12 months worth of savings now for the essentials, as no job is safe. so - if you can buy AND have that cover, good on you. If not.....

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To the OP, can you afford the monthly repayments on a single income? Not ideal but if you can then I would press ahead. A good broker should be able to sell it. My wife and I have always applied for mortgages using either of our incomes as they as similar for “our” affordability. The broker then pitches it to the lender as “well within affordability” on our behalf. For personal comfort this means that if either of you loose your job, maternity leave, unexpected emergency, etc. then the mortgage is still affordable. I’ve never understood why people would want to borrow based on the limit of combined incomes. Yes, it may be the only way for many to get on the property ladder but it’s not the most sensible way to go about it IMO.

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Sorry to hear that, but in a way it is fortunate, as you are very early in the process and can easily change or delay your plans without having lost too my money, until your hubby gets back on his feet. There will still be nice houses to buy when you are next looking.

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Quick update: Everything is perhaps not lost.

After long discussion with Mr Maya on Thursday evening (in front of a nice home made dinner to make us feel better) we decided to come clear to everyone. Friday morning estate agent, mortgage broker and solicitor were alerted of our situation. Property is back on the market.

Mortgage broker told me that because our file was solid (good credit rating, less than 3x salary borrowing, very manageable repayment) he did not see why we could not get a mortgage as soon as Mr Gaya found a job, all he will need is his permanent employment contract. That was Friday lunch time.

Friday afternoon Mr Gaya got a call from a company director we know, offering him to start Monday (this morning) with more or less the same salary he was on. So Mr Gaya is starting this morning! :)

Now we are waiting for all paperwork to be in our possession and I will discuss with mortgage broker. Yet I am a bit afraid that the estate agent takes us for joker and that their vendor decide not to deal with us, at the same time the property has been on the market for 8 months!

What do you think?

Thanks

Maya

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Yet I am a bit afraid that the estate agent takes us for joker and that their vendor decide not to deal with us, at the same time the property has been on the market for 8 months!

If it's been on the market for 8 months then they should still consider your offer unless they want to be jerks, at which point you can wave goodbye and chuckle at them.

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  • 284 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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