A
apache42
Guest
I was approved for a mortgage last July, and subsequently made an offer on a house that I was told would be ready in 2 months.
Since then the builder has delayed at every step and eventually signed the contract.
The finish date was last Friday and all that had been done since the offer was the sockets and the chasing, and a very small amount of brick work. It's nowhere near complete and I haven't been told anything with regards to a rescheduled finish date.
Now I'm left wondering what's going to happen what with the IMF restructuring the banks etc.
The contract has a clause that states if the bank should refuse to lend the money for whatever reason then I should get my deposit back (without interest, minus costs etc.)
The loan approval only lasts 6 months so it's up pretty soon and I'll have to reapply and I might not get approval again. Also the asking price for the house (same houses in the same estate) is now less than what I agreed to pay, so I can't see the banks lending the full amount anyway.
So what do people think? With the IMF taking over the banks will my initial approval still stand? If so what if the house isn't complete before the approval runs out?
And of course, what happens if the builder goes out of business before then, which I suspect might be the case?
Bit of a messy situation really. what do you guys think?
Since then the builder has delayed at every step and eventually signed the contract.
The finish date was last Friday and all that had been done since the offer was the sockets and the chasing, and a very small amount of brick work. It's nowhere near complete and I haven't been told anything with regards to a rescheduled finish date.
Now I'm left wondering what's going to happen what with the IMF restructuring the banks etc.
The contract has a clause that states if the bank should refuse to lend the money for whatever reason then I should get my deposit back (without interest, minus costs etc.)
The loan approval only lasts 6 months so it's up pretty soon and I'll have to reapply and I might not get approval again. Also the asking price for the house (same houses in the same estate) is now less than what I agreed to pay, so I can't see the banks lending the full amount anyway.
So what do people think? With the IMF taking over the banks will my initial approval still stand? If so what if the house isn't complete before the approval runs out?
And of course, what happens if the builder goes out of business before then, which I suspect might be the case?
Bit of a messy situation really. what do you guys think?