Buyer pullout of house ....HELP!

F

fryan

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I need advice on the best route to take regarding the following.
I am buy a property with the partner and both of us had houses. I sold mine and we thought his sale was secured but the buyer has pulled out just before paying the 10% deposit. We have put a holding deposit on a house we really want but the bank will not approve a mortgage until my partners house is sale agreed.
Can anyone advise on this :(
 
I don't see what advice there is to give. You presumably need to find another buyer quickly for the other house if you want to pursue the new one? Did all lenders require the other house to be sale agreed first? Could you afford to go through with the new purchase even if the other house does not sell immediately?
 
fryan said:
I sold mine and we thought his sale was secured but the buyer has pulled out just before paying the 10% deposit.
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Could you go back to any underbidders?
 
Thanks for those replies. I was hoping someone might be able to advise on the best banks to approach regarding a situation like ours where a bridging loan is required on top of a mortgage until our other house is sold. Our current bank will not make this option available to us until the house is sale agreed.
 
No bank will approve you for bridging unless you have a contract signed for the sale of the property you are selling.
 
No bank will approve you for bridging unless you have a contract signed for the sale of the property you are selling.
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Not necessarily true. We have justed signed a bridging loan agreement without sale agreed on our current property with BOI? Albeit they will only advance 70% but its better than nothing.....
 
Bank of Ireland gave us "unsecured" bridging a couple of years ago too, but I'd guess they probably work on a case by case basis - we had been banking with them for years and the mortgage manager knew us well. Worth trying though.
 
Thanks for all the replies, will give BoI a shot tomorrow morning and see what the story is... fingers crossed!
 
we also got a bridging load from boi. We are in our new house not 4 months and the old one is still for sale. It can be done - however it is quite expensive.
 
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