Mortgage with chelsea (PLEASE HELP)

Networkrail

Hi Peeps new to the forum glad to be apart of what looks to be a gr8 forum.
The problem iv got is that im a first time buyer and me and my girlfriend have seen a house witch we luv and we put an offer in and it was accepted
(113.000) for a four bed end tercd. everything was going gr8 we was told we could have the mortgage just had to have the survey done. we received the survey yesterday it looked fine said that it was ex council and was worth the money we offered. But then the chelsea building society said that they would not give us the mortgage because it was made from concreate and not brick. The house was built in 1950 and is in a gr8 condition (perfect infact) but now we need to find a new lender with the same deal - 95% mortgage Rate 4.25
over 30yrs with refrance. can any1 give me a step forward to a good lender?
Thankyou for taking the time to read my post.

Ian_W

False post - see below!! :mad:

Ian_W

Hi mate,
Only thing I can suggest is going to the mortgage section and running your figures through the moneynet and moneyfacts calcs which are links for this site, they may come up with something similar. Or call one of the brokers linked to the site {L&C, probably best see if they can come up with a similar deal}.

You're not by any chance in the SW are you? There is a problem with pre-1960's block built props particularly in Cornwall called Mundic. Don't know what it stands for but the aggregate used to make the blocks breaks down over time and unless they pass a concrete test the property is unmortgageable. If it's not that, I can't understand why Chelsea went t*ts up on you, if it is that look elsewhere cos no lender I know will touch 'em. They're usually sold as CASH BUYERS ONLY and for a fraction of the price they'd otherwise bring.

Networkrail

No im in the northwest strainge realy coz the survey is realy good couldnt be btr

Ian_W

Sorry, can't shed any further light then.

Whenever I've seen "standard construction" for mortgages it's always been along the lines of brick or block construction with tiled or slated roof. Maybe someone else will be able to post more to-morrow but it's a puzzle to me.

Have you tried contacting Chelsea to ask them to explain their decision? May be worth a go.

stanmoresaver

Networkrail wrote:

Hi Peeps new to the forum glad to be apart of what looks to be a gr8 forum.
The problem iv got is that im a first time buyer and me and my girlfriend have seen a house witch we luv and we put an offer in and it was accepted
(113.000) for a four bed end tercd. everything was going gr8 we was told we could have the mortgage just had to have the survey done. we received the survey yesterday it looked fine said that it was ex council and was worth the money we offered. But then the chelsea building society said that they would not give us the mortgage because it was made from concreate and not brick. The house was built in 1950 and is in a gr8 condition (perfect infact) but now we need to find a new lender with the same deal - 95% mortgage Rate 4.25
over 30yrs with refrance. can any1 give me a step forward to a good lender?
Thankyou for taking the time to read my post.

Discuss the fact with your broker- he should have asked the question and if local known this fact- effectively he has wasted your survey fee as lenders have black and white guidelines regarding construction types that are common knowledge.

If you didn't use a broker- well.. All you can do is put it down to experience.

Not quite sure about the description of the product- if it was a two year fixed then these rates have increase by 15-20% over the past month so expect 4.8-5%

herbiesjp

Have to agree with stanmoresaver here in that rates have indeed gone up gone up recently - so a similar deal may be difficult to find.

Did you go direct or use an adviser?