ASK233: Should I renegotiate my purchase or pull out because of Coronavirus? PLUS: Should I go for a 2- or 5-year fix?

The Property Podcast

Rob Bence & Rob Dix

Business News, News, Business, Education, Investing

4.8 • 2K Ratings

🗓️ 28 April 2020

⏱️ 8 minutes

🔗️ Recording | iTunes | RSS

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Summary

This week on Ask Rob & Rob, we’ve got one caller who has a question off the back of another podcast episode, and another who’s questioning how long he should get a fixed mortgage for. First up this week we’ve got Luke from Essex. He listened to a recent podcast episode on pulling out of deals due to the Coronavirus, and out of the number of scenarios that The Robs described, Luke found himself in one of them. He’s at the point of being able to exchange and complete on a property, however the whole chain has agreed to delay it for the time being. But rather than pull out of the deal, he’s been thinking about whether he can renegotiate the asking price. Is this something that’s commonly done? Our second question comes in from Roosbay. He’s been an avid podcast listener for a few years and today he has a question on remortgaging. He has a buy-to-let property that’s up for remortgaging and initially he was looking at a 2-year fixed mortgage simply because he wanted to be able to reassess his situation in a couple of years time. Roosbay also has a couple more properties that were put on a 5-year fixed mortgage product just before the Coronavirus kicked in. So now he’s wondering if he should put his new property on a 5-year fixed mortgage as well, instead of a 2 year due to the current pandemic. So, do Rob & Rob think there will be a significant dip in the market in two years time? What mortgage product should Roosbay be looking at before he is due to complete? Tune in to find out. Do you have a buy to let or property investment related question for Rob & Rob? You could feature on the next episode by giving us a call on 013 808 00035 and leaving a message with your name and question (normal UK call rates apply). Or if you prefer, click here to leave a recording via your computer instead. The next question on Ask Rob & Rob could be yours. Have you joined us over on the Property Hub Forum yet? Our online community is friendly, informative, and the members are waiting to welcome you with open arms. So get yourself over and introduce yourself. See omnystudio.com/listener for privacy information.

Transcript

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0:00.0	Hi, I'm Rob.
0:03.4	And I'm Rob.
0:04.0	And this is Ask Rob and Rob.
0:07.8	Welcome to Ask Rob and Rob, the show where we answer your property questions.
0:12.1	This week we're helping out a couple of
0:13.2	listeners who've got very timely and important questions around the
0:16.9	current situation so we'll hear from them and do our best to give them answers in
0:20.9	just a sec after a quick recap of how to get your own question in. Yeah you can leave us a voicemail by calling in on 013-888.35 or you can go to our lovely shiny website and go to Property Hub.
0:33.9	Net.
0:34.7	forward slash ask.
0:37.2	Super simple to do.
0:38.5	And that's exactly what our first guest on this week's episode has done.
0:41.9	Over to Luke.
0:43.0	Hi Robin Rob, this is Luke Newman from Essex.
0:47.0	I recently listened to your podcast,
0:49.0	Guardian, coronavirus, and should I pull out of my deal and you described the different scenarios
0:55.8	in one of them which is the concentration arming where I'm at the point of being able to exchange and
1:02.1	complete however the whole chain
1:05.0	chain agreed to delay for the time being.
1:08.0	But one of the scenarios that I'm thinking about is
1:11.0	rather than actually putting it out and going for a new deal is actually
1:15.0	renegotiating on the purchase price.
	...

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