Sale Agreed / Waiting on Bank / Other Options?

sinisilmab

Hi all, looking for advice!

We're sale agreed on a house, without mortgage approval (we weren't expecting to find a house so soon); we're confident of getting approval as we have a good savings record & solid income, but it's coming slow and the bank aren't being very communicative with us about it - meanwhile the vendor is getting a little pressure from the next person down the chain.

Doesn't feel like there's an awful lot we can do other than wait for the bank to respond but I was wondering, given that we have almost 70% of the sale price on-hand in cash - is there is some arrangement possible that means their own purchase doesn't get held up?

Some scenario where we give them what we have - which might enable them to move on their purchase - and enter into a contracted agreement with them until our mortgage comes through.

Is this a done thing? Any advice?
other than get your mortgage sorted before you find the right house, I know that now...

hanaimai

I'm no expert on this, but even with that much cash on hand, I doubt anyone would agree to take it without a guarantee of where the rest is coming from. Your mortgage could be turned down for any number of reasons so it would be quite the risk to take for the vendor.

I would expect the best you can do is keep the pressure on the bank and your figures crossed that there aren't any issues with your application. Good luck with it all!

jelly&icecream

I'd start an application with at least one other bank as a backup also.

colm_c

Approval vs Approval in Principle are two very different things.

Approval in Principle -- is usually a quick 24 hour turnaround to say yes you can have X

Approval -- all the forms, paperwork, background check, drawdown etc. this is the slow part usually. But if everything is good, it should only be a few days.

How long have you been waiting, have you rang the bank, every-day? I personally would apply to a few banks, because the clock will reset if they don't give you approval.

Really you should have had Approval in Principle before bidding.

3DataModem

I’ve been down this road. There’s little you can do. Just keep on bank regularly.