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Argh, I thought I had a good deal for a mortgage...

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andre_xs
andre_xs Posts: 281 Forumite
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in House buying, renting & selling
Sorry, just have to vent my frustration a little. We are buying a house, everything is set up fine. Today I met the independent mortgage broker and he was able to find a really good deal. I was so happy, because the monthly repayments were lower than expected, and we are on a tight monthly budget - so every little surplus is most welcome.

Well, but then later on he emailed me and told me that for this mortgage, one has to have resided at least 3 years in the UK to get it. Well, we've moved here in August 2013, i.e. roughly 2.5 years ago :(

We lived in the UK earlier (2004-2008), but I guess that doesn't count...

Probably nothing we can do except take the "next best" available mortgage, which may again be a comparably poor deal...

Not really a question, I know, but I'm just frustrated a bit....

Comments

  • vlad
    vlad Posts: 544 Forumite
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    Can you find a "whole of market" broker? they may have access to deals other brokers don't have.
  • andre_xs
    andre_xs Posts: 281 Forumite
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    Yes, it is an independent broker whole of market broker. I'm sure he'll be able to get another deal, but based on our previous discussions, this may be more than £100/month more...
  • marksoton
    marksoton Posts: 17,516 Forumite
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    So ask your broker to research the market again.

    You can't really expect the cream of the crop of rates if you can't prove consistency can you?

    Lenders want security. Continent hopping doesn't provide that.
  • mgarl10024
    mgarl10024 Posts: 643 Forumite
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    You could ask your broker to speak to the lender? If you're low risk in every other way, they might accept 2.5yrs.
  • kingstreet
    kingstreet Posts: 38,788 Forumite
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    Many lenders won't lend unless you have a three year UK address history.

    I can think of four which accept two years or less but they may not have the best deal of the type the OP requires. That's just the way it goes unfortunately. You have to meet the lender's criteria, affordability and loan to value requirements.
    I am a mortgage broker. 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. Please do not send PMs asking for one-to-one-advice, or representation.
  • andre_xs
    andre_xs Posts: 281 Forumite
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    Thanks for the replies. It wasn't the best deal anyway (due to the limitations in LTV etc), but it was good average (instead of the bottom, as before). I spoke to the broker today again, and he was positive that he'll get a good deal for me.

    I was just frustrated yesterday, feeling much better today :)
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