Shame on you!!!!!!

hethmar

Im pretty sure its just a wind up.

Dithering_Dad

It must be a slow 'bad news day' if one of the HPC gang need to create a new logon and post this tripe in here.

Realy

lostinrates wrote: »

We have discussed this with the bank. They feel from what what we hav suggested might be raised on survey they will give us all the money but put a timescale on certain works with consquenses if the work is not completed by then. We talked about this with them as have considered a self build mortgage (with similar critrior to that you outline) until these propects. The bank understand we are wanting to this the old fashioned way (window by window, tile by tile, as w can afford it- as thy have leant to my parnts to before). We have been quite frankly stunned at the flexibilty of our potential lendors. Who knows, if offers aar accepted thn surveys might reveal more than I have pessamistically warned bank of (although I have warned them of certain structural issues.)

Well see how far you get I would imagine they will pull that multiple down.
Try HSBC one of the best lenders and some of the best rates but very strict.

AIP is no where near an offer in this climate. that is why so many sales are falling through they get an AIP then they do not get or receive a reduced offer.

lostinrates

Realy wrote: »

Well see how far you get I would imagine they will pull that multiple down.
Try HSBC one of the best lenders and some of the best rates but very strict.

AIP is no where near an offer in this climate. that is why so many sales are falling through they get an AIP then they do not get or receive a reduced offer.

My current account is with HSBC but we have no way near the same history as we do with the bank we are going through. I think it might be relevant that both our dad's are 'special customers'- not sure how my dad got to be though, lol, We also have a more then 25% deposit and in 18 months it will actually make the mortage about 3 times mulitple of DH's salary. I guess we are not making a streotypical application, but it will all go into the stats. As you say, we'll only know later,if it all proceeds on one or other house, but its not an offer they have made blind. If thy ar prpared to be flxibl with us and reduce th value my guess is stricter, mor sterotypical lenders will rduc a valu to other borrowers too. (Although I expect some of the dvelopers are cash buyers.)

Realy

lostinrates wrote: »

My current account is with HSBC but we have no way near the same history as we do with the bank we are going through. I think it might be relevant that both our dad's are 'special customers'- not sure how my dad got to be though, lol, We also have a more then 25% deposit and in 18 months it will actually make the mortage about 3 times mulitple of DH's salary. I guess we are not making a streotypical application, but it will all go into the stats. As you say, we'll only know later,if it all proceeds on one or other house, but its not an offer they have made blind. If thy ar prpared to be flxibl with us and reduce th value my guess is stricter, mor sterotypical lenders will rduc a valu to other borrowers too. (Although I expect some of the dvelopers are cash buyers.)

Sorry but I think you may hold you circumstances in a bit of high regard on this one.(no offence intended)
I earn nearly twice the average wage and household income is not far off double the national average.

I put down a 30% Deposit on a house and only scraped through first direct.
(3.3X joint income)

If a lender is offering 8X to you I would be worried as they are not a safe lender or they are just inticing you to apply for a mortgage you will not get!

lostinrates

Realy wrote: »

Sorry but I think you may hold you circumstances in a bit of high regard on this one.(no offence intended)
I earn nearly twice the average wage and household income is not far off double the national average.

I put down a 30% Deposit on a house and only scraped through first direct.
(3.3X joint income)

If a lender is offering 8X to you I would be worried as they are not a safe lender or they are just inticing you to apply for a mortgage you will not get!

Who knows, maybe I am, we'll find out either way! I, btw, don't hold our circumstances in as high regard as the bank seem to I'm pointing this out because because we all talk here in averages and yet in my recent experience this has not been a top marker, so, much like in your recent experience you bought new build, are thrilled with it, and negotiated great purchase price! Flukes seem to happen. Just like the poor OP, who got a 6x mortgage when this seemed more feasible but is now struggling . I'm not saying this is great for anyone, I'm just sharing that it is panning out now, for us, like this. Last week I was almost sur we wouldn't be offered a mortgag that added to our savings would buy something we would consider buying, and more bullish posters said thy thought I was wrong, and it sems they were right! However bearish posters, and the more nuetral ones, might still feel right because while it may be that while we might be able to ''afford'' something now, its a a very risky afford in a shaky climate, that might be retracted bfore point of purchase...

As I said, future income will make this a better multiple, but these houses are here now. We may well wait even if offer pans out as planned, because the mulitples make me itchy-uncomfortable and while the houses are nice, they are not our dream homes....but we are pursuing for now. I think some more focus from media on our domestic shaky finances now that Obama day has come and Brand is out of UK might be the most influntial factor.

fatpig_2

DownintheDumps wrote: »

I'm half way through a rennovation, I'm stuck with a 6 times mortgage coming to an end of the fixed rate next summer,

Why did you borrow 6 times your income? Are you clinically insane? And why should I feel sorry for your irresponsible borrowing?

ad44downey

It's probably a wind-up but if true it's genuinely priceless. Yet another muppet who gambles with someone's elses money, loses the gamble and then the aforementioned muppet tries to blame everyone else but themselves. :T

DownintheDumps

PasturesNew wrote: »

From your original business plan, what changed so you can't finish it or sell it or stay put?

I can't stay put because when my fixed rate comes to an end I will probably be on the SVR due to high multiple and small deposit (5%) which will be nearly double what I'm paying now. Can't finish it as I had only enough capital to do half the rennovation and have previously counted on HPI to remortgage for the rest. Can't sell because who'd want a half-finished project? This business model has previousy worked for 10 years, 5 properties, living in each so no capital gains, now we're fooked.

Not greedy, just supplementing my income by working hard and creating something, we don't deserve this.

LittleMissAspie

DownintheDumps wrote: »

I had only enough capital to do half the rennovation and have previously counted on HPI to remortgage for the rest.

So you committed to something you didn't even have the money for. How is that our fault and why should anyone feel sorry for you?