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How is anyone getting a mortgage please?

2

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  • Dave_Ham
    Dave_Ham Posts: 6,045
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    Read this late last night and forgot to post...

    This is a poor show, we deal with cases like this every day and we just know which lenders will and which lenders will not cater for your needs.

    There is no point showing you what you could have won, with the banks mentioned and applied to. Rates are great, but only if you can achieve them..

    Get a recommended broker quickly, get any fees back from the first and then get this done promptly on reasonable terms.

    Good luck
    I am a Mortgage Broker
    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it.
    This signature is here as I follow MSE's Mortgage Adviser code of conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • betmunch wrote: »
    What I dont understand is why your FA sent you to First Direct with anything but a purely "Vanilla" case. I would have told you about the deal, but advised against it due to the LTB situation. Direct lenders currently are just no good at anything that isnt basic and straight forward.

    Thanks all for your input. Betmunch, I think my FA thought I was a Vanilla case. I have a good credit score (at least I did before I had 2 declines), been at my current address for over 10 years, been with my bank for 10 years. He is very surprised Ive been rejected. I just havent seen anything on the small print of the mortgage deals from the retail banks that says they wont allow your deposit to be borrowed from an existing property. I have wasted a lot of time waiting to hear back from the lenders so now 3 weeks has passed since our offer was accepted and quite understandably, the vendors are getting twitchy. Anyway, hopefully we are on course now with the Woolwich who dont seem to have a problem with what I am trying to do.
    Thanks again
  • The_J
    The_J Posts: 1,250 Forumite
    gwernybwch wrote: »
    A bit harsh. The OP afterall did seek professional advice. I think that I would be a bit miffed if I paid someone to give me what turns out to be pretty poor advice.

    For someone that is currently doing something similar to what the IP is trying to do, some of the responses that I've received from potential lenders borderlines on contempt.

    Contempt? Come off it.

    I don't know why the broker wasn't stronger with the OP which suggests to me this is a difficult customer and I doubt very much they paid for this advice.
    The J is a Financial Advisor-This site doesn't check anyone's status and as such any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Always seek professional advice.
  • bigadaj
    bigadaj Posts: 11,531
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    The_J wrote: »
    Contempt? Come off it.

    I don't know why the broker wasn't stronger with the OP which suggests to me this is a difficult customer and I doubt very much they paid for this advice.

    Speculate away....
  • Thrugelmir
    Thrugelmir Posts: 89,546
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    I just havent seen anything on the small print of the mortgage deals from the retail banks that says they wont allow your deposit to be borrowed from an existing property.

    Why would this be detailed in mortgage deals?

    Lenders don't publish criteria for mortgages. Often it changes overnight.
  • The_J
    The_J Posts: 1,250 Forumite
    bigadaj wrote: »
    Speculate away....

    I have a 100% success rate at it.

    Greenjellybean, some lenders aren't happy with the risk of letting someone rent a property out (often for the first time) and leave you exposed to mortgages many times your salary. It's obvious isn't it?

    Some lenders are prepared to take that risk but they'll charge a higher rate, what a shock. Call Mervyn King, make it stop.
    The J is a Financial Advisor-This site doesn't check anyone's status and as such any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Always seek professional advice.
  • betmunch
    betmunch Posts: 3,126 Forumite
    Thanks all for your input. Betmunch, I think my FA thought I was a Vanilla case. I have a good credit score (at least I did before I had 2 declines), been at my current address for over 10 years, been with my bank for 10 years. He is very surprised Ive been rejected. I just havent seen anything on the small print of the mortgage deals from the retail banks that says they wont allow your deposit to be borrowed from an existing property. I have wasted a lot of time waiting to hear back from the lenders so now 3 weeks has passed since our offer was accepted and quite understandably, the vendors are getting twitchy. Anyway, hopefully we are on course now with the Woolwich who dont seem to have a problem with what I am trying to do.
    Thanks again
    Your not a Vanilla case though, you have shown that in just this thread with the LTB with capital raising. For me the FA you used should never have said its worth applying to First Direct. how hard did they protest about it?
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • The_J wrote: »
    Contempt? Come off it.

    I don't know why the broker wasn't stronger with the OP which suggests to me this is a difficult customer and I doubt very much they paid for this advice.

    :eek:
    The J, I am not a difficult customer at all. I dont quite understand where you are getting that about me. But thanks for your input.
  • Thrugelmir wrote: »
    Why would this be detailed in mortgage deals?

    Lenders don't publish criteria for mortgages. Often it changes overnight.

    Thanks Thrugelmir, why don't they ask exactly where the deposit is coming from in the initial phone calls then? Would save a lot of time for both parties.
  • Conrad
    Conrad Posts: 33,137
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    jellybean - woolwich can do such a case but they are a difficult lot to deal with typically (not every time), and use processing centres in India which adds to the complexity.

    There are FAR easier ways to approach this frankly.

    Don't for a second assume Woolwich fully recognise what you are trying to do, thier systems are not designed for cases such as yours (systems designers know nothing about real world mortgage clients).

    At the last moment some underwriter will review your whole case so it isn't cut n dried until the fat lady takes voice, so for me the downside of this lender is too great.
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