03 November 2004

Double Whammy

I'm sure u have all read the "gazumped" posting....well...in true form...here comes the second part of the whammy...

I just got a call from our morgage broker to inform me that there have been some recent changes in the property laws and as a result of that... the morgage offer we have... which is a 90% morgage, will only be valid for the next 14 days.... after that this lender will no longer be doing 90% morgages and will only be doing 85% morgages.

This basically means that we have to not only find a house but make an offer, get it accepted, tell the lenders, who will send out their surveyor who will then have to provide the lender with a report...and all this....within the next 14 days...or else!

The other options are to find a 15% deposit after that time frame, which is VERY unlikely, or reapply with another lender and have even more unattractive interest rates and penalties.

So....ye of little faith.... tonight we sleep, but tomorrow... we tackle the beast that is...buying a house features!

"Thank you God, for helping me to understand that this problem has already been solved for me."

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