Mortgage Advice

katie_78

Hello. I am trying to get a 95% mortgage. I got a mortgage in principal but the mortgage adviser who put my application forward failed to declare i had a loan, so now it looks unlikely my application will be approved. Last time I spoke to him was over 3 weeks ago and he had failed to return any of my calls or emails, the estate agent has also not contacted me.
:mad:
Does anyone know where I could possible get a 95% mortgage, i have put in an offer for a studio flat for £85k and it has been accepted. My salary his not an issue it is just my loan, which will cleared soon as I have some inheritance coming to me.

Also, can any one help with the situation with the previous mortgage adviser? As I got the mortgage in principal, i went on to pay for the survey and instructing the solicitors so am now out of pocket for almost £400. Is it correct that the survey should not be done until the mortgage is agreed? Is there anyway for me to get my money back.

I have been advised to contact the ombudsman for estate agents?

Thank you in advance.
Katie

Toughluck

You pay for the survey until the mortgage has been signed off by the lender.

If the loan has under 12 months to run some lenders may ignore this.

If you are expecting inheritance to pay this loan off and it has over 12 months to run then the likelyhood is that unless you prove via sols that you are gwtting the money in x time they may ingore it.

whether or not you could get it Bristol and West do first start mortgages up to 95%. Many hoops to overcome though.

katie_78

thank you.

unfortunately my loans has about 3 years left and my inheritance is tied up in my granmother's property which is on the market to be sold, it had an offer on it which fell through yesterday. not looking good.

i will look into bristol and west, but someone has mentioned to me that they don't give mortgages on studio flats? but still worth investigating.

thanks again

herbiesjp

katie_78 wrote: »

My salary his not an issue it is just my loan, which will cleared soon as I have some inheritance coming to me.

But it must be an issue if the lenders are now saying they wont lend you the money.



Let's help you out here:

What is your income?
How much do you pay each month for the loans?
Do you have any other debts i.e credit cards etc?
Which lender have you gone to?

mic200202

A lender wouldnt necessarily turn you down for not declaring a loan, its just that it can affect their affordability and lending criteria. It could be down to a misunderstanding when the app when in and that it was omitted because you expected to be in a position to repay this.If the rest of your details stack up, I think the lender would be most harsh to turn down on this point alone since they would have done the initial credit score on you and saw the loan at that stage. You may have some info as to your application reference no - why not give the lender a call directly, and ask them what is happening or what they are waiting on. You can then explain your position. Don't forget the magic words...'is this treating me fairly..' in your dealings with them. Your broker isnt doing you any favours with his attitude.Most unprofessional.

katie_78

hi, sorry what i meant was if i didn't have this loan it would not be a problem getting a mortgage for a £85k.

What is your income? £28000
How much do you pay each month for the loans? £300
Do you have any other debts i.e credit cards etc? Yes credit card repay £100 approx per month
Which lender have you gone to? Natwest

mic200202 - hadn't thought to contact the lender direct, will do that. thanks

herbiesjp

So if your offer has been accpeted at 85k you need a mortgage of £80,750

The loan payment will reduce your income by £3600 so £24,400 can be used

What is the balance on the credit card? As that will dictate the amount the lender will reduce your borrowing power by.

Your income multiples are not that bad - at least it seems - let us know the card balances

mazza1985

Bristol and west do not do mortgages on studio flats! (I work for them)