mortgage mess - dont know what to do

kelz85

The short story is:
Partner and I have split up (all amicable) and house is on the market
ive had an offer exepted on a new house, moving in next week meant to be!
ive gone through the mortgage process with britannia, jumped through all the hoops, bank statements, income verification etc and have just been told today that the application is getting declined
this is because my current property hasnt sold and they dont want my name on two mortgages. I made it clear from the beginning that this was the situation and even told them again when I spoke to them on monday that this was still the case, they said it wouldnt be a problem! Apparantly it is!
The plan was for my ex to stay in the house until it sold, paying the full mortgage himself (£330)
I already have a 25% deposit and a good enough income to cover the new mortgage and could quite comfortably pay half of the existing one if i had to.
Ex doent want to do transfer of equity as he is also keen to sell and therefore doent want to take out new mortgage on this property.
Im gutted that this has fallen through at the last minute when I thought it was all sorted so would appreciate any help or advice on what mortgage product to go for. Ive heard of let-to-buy, does anybody know which providers offer this?
Thanks in advance

kelz85

sorry, meant to say that we would be happy to rent the current property out as the mortgage is £330 and rental income is £650. Think it could be let easily as alot of demand in this area.

herbiesjp

Ask Britannia if they will do on a Let -To -Buy basis

Otherwise plenty other lenders offer them, as long as you meet the criteria

kelz85

ive been through hell with britannia today, even made a formal complaint which is totally not like me!
They just wont budge on it, basically they said that once the underwriters make the decision, then thats it! but until my name is removed from this current mortgage, they are not willing to proceed. I even offered to put down another 10k deposit to reduce the LTV but still no! I only wish they had told me that 6 weeks ago!
Can you give me the names of lenders willing to do let-to-buy as i cant seem to find any on the internet, only buy-to-lets coming up.
Thanks

herbiesjp

TBH - most high street lenders will do LTBs however you will need to make sure you fit the criteria on all fronts

You tried to do that with Britannia but it looks like they didnt give you the right info.

You might want to go via a broker in order to try and pre-empt that from happening again

kelz85

ive been searching the internet all night and cant seem to find any let-to-buy mortgages, can anyone help me out?
Thank

herbiesjp

They wont come up on a search as they are basically normal mortgages

Abbey, and the rest do them

You would need to make sure that you fit the criteria for the lending on the new purchase, while there is enough rental income to cover the mortgage payment, which seems more than enough going on your figures posted

feisty1

kelz85 wrote: »

ive been searching the internet all night and cant seem to find any let-to-buy mortgages, can anyone help me out?
Thank

Yes a mortgage advisor would and maybe could have helped you avoiding the unfortunate sitaution you find yrself in now

feisty1

I can't believe a mortgage advisor is on here is saying "Abbey, and the rest do them"

If you want to lower yr borrowing credibiity........ to go searching on yr own is a sure way to do it. ie Mutiple applications!!!

Consult an independent advisor & they will know where you fit, this is the job they do............

herbiesjp

feisty1 wrote: »

I can't believe a mortgage advisor is on here is saying "Abbey, and the rest do them"

If you want to lower yr borrowing credibiity........ to go searching on yr own is a sure way to do it. ie Mutiple applications!!!

Consult an independent advisor & they will know where you fit, this is the job they do............

Sorry dont understand your point

Or did you miss my post where I said

You might want to go via a broker in order to try and pre-empt that from happening again

feisty1

herbie........i apologise 100%, pls forgive me.........I haven't been right since listening to Jeremy Vine this afternoon and a caller foned in asking "advice" on what to do with a 10k lump sum and ML proeeded to answer! Now I am reading someone telling another they have enough disposable inome to enter a DMP and then I thought I read u telling someone to go direct here there and everywhere!........once again, my apologies, it must be overload, too many "trying" cases today!