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  • FIRST POST
    • Nolimit85
    • By Nolimit85 8th Jul 17, 8:34 PM
    • 1Posts
    • 1Thanks
    Nolimit85
    Critical situation / Tier 2 Visa + Off plan buy
    • #1
    • 8th Jul 17, 8:34 PM
    Critical situation / Tier 2 Visa + Off plan buy 8th Jul 17 at 8:34 PM
    Hi All,

    I' trying to help my girlfriend who unfortunately is in a quite bad situation... to not bother you with too much text, i keep it simple.

    So the situation is as follows:

    My girlfriend is a Japanese citizen living and working in London for 1,5 years.

    She bought a flat per reassignment contract off plan, so she bought the right to buy the flat from a previous buyer when the building has been completes which will be in September 2017.

    HSBC confirmed earlier this year that she will get a mortgage, but now they say they changed their policy and they don't do these off plan buys.

    My girlfriend unfortunately relied on them to 100% so she didn't check other options or a Plan B.

    She already paid a large sum for the deposit to the Previous buyer.

    Now she has difficulties finding a bank that accepts her Tier 2 Visa status (3,5 years left) + reassignment contract buy.

    Her mortgage advisor is not really helpful, it seems there are almost no options left. Either banks don't accept off plan buy or they do not accept that she has been in the country only 1,5 years (Barclays..)

    So we are really worried now how to find a bank that will offer her a mortgage. She has to pay the full amouny to the buyer in about 1 month 🙁

    Does anyone has an advice or tip ? Any help is much appreciated!
Page 1
    • SuboJvR
    • By SuboJvR 8th Jul 17, 9:26 PM
    • 363 Posts
    • 250 Thanks
    SuboJvR
    • #2
    • 8th Jul 17, 9:26 PM
    • #2
    • 8th Jul 17, 9:26 PM
    She needs a new advisor/broker. They will place the mortgage application with the appropriate lender considering all circumstances, assuming these two criteria are compatible.
    Last edited by SuboJvR; 08-07-2017 at 9:36 PM.
    • Thrugelmir
    • By Thrugelmir 8th Jul 17, 10:37 PM
    • 55,558 Posts
    • 48,922 Thanks
    Thrugelmir
    • #3
    • 8th Jul 17, 10:37 PM
    • #3
    • 8th Jul 17, 10:37 PM
    HSBC confirmed earlier this year that she will get a mortgage, but now they say they changed their policy and they don't do these off plan buys.
    Originally posted by Nolimit85
    Lenders don't confirm. Buyers apply and lenders issue offers. Did she make a formal mortgage application, and on that basis exchanged contracts to purchase the property. If she didn't apply. Then the inherent risk as is the case now. That the lender will change their policy. Policy changes are a frequent event. Reflecting the ebb and flow of the property market and the lenders own mortgage book.
    .
    "Wide diversification is only required when investors do not understand what they are doing." - Warren Buffett
    • kingstreet
    • By kingstreet 9th Jul 17, 11:11 AM
    • 32,080 Posts
    • 17,170 Thanks
    kingstreet
    • #4
    • 9th Jul 17, 11:11 AM
    • #4
    • 9th Jul 17, 11:11 AM
    Off-plan purchases are fine, as long as they are between purchaser and builder.

    Lenders don't like back to backs and/or sub-sales where there is a third party contract reassignment.

    You need an experienced newbuild specialist for this, if it can be placed.
    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.
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