My partner and I recently signed a contract on a property, subject to finance, building and pest and also council approval.
We have 2 more weeks till it does unconditional but have just found out today that my wife is pregnant. Meaning we'll have to be spending the deposit money we've saved on nursery stuff plus medical expenses and on revising the family budget with the new expected costs we believe we'll struggle to pay off our current house + investment property plus the new house.
We are in the process of submitting an application for finance but I wanted to ask whether or not I should let the finance broker we are going through about this new information tomorrow in order to try get our finance rejected so we can break contract prior to in going unconditional.
Should I hold off until after the weekend and speak to my solicitors first before I put an application into the bank.
Also as a side note - What is required to activate the finance clause in the contract. Is a rejection letter from the bank the only documentation required?