Mortgage rejection

socrates

I think the general consensus is:

- get a new whole of market fee free broker

- stick to your guns and negotiate a new price, developers are desperate at the moment

- take control of your situation, it is not the broker or his mate from the golf club who has to pay the mortgage

- if you are getting pressure from the broker it means they the deal is not that good, as they could sell it elsewhere.

pandamonia

Rob, i think you need to look at the facts of this house purchase.

Halifax rates are 6.7-7% for FTB mortgages and these are totally unacceptable to pay compared to a 1.5% baserate. this is the worst mortgage i have seen.

Nationwide needs 85% Real LTV not gifted, also their mortgages are poor for ftb's

This new build will put you in negative equity and stop you remortgaging in the future as it will lose ALOT of value very fast over the next 12 months.

its not a good time to buy at all at the moment since house prices are losing 1.5% per month on older homes too.

elspeth240

I'd be really careful if I were you. This guy sounds a bit dodgy and he is working on behalf of persimmon who will tell you anything to get a sale (and probably one of the worst builders out there). Use an independant financial advisor who looks at the full market and won't charge you. As was previously stated, the house will still be overpriced.
I'd avoid completely if I were you, do a search on persimmon/charles church and you will find lots of really bad reviews, hopefully these may put you off.

Rob_Jones_2

elspeth240 wrote: »

I'd be really careful if I were you. This guy sounds a bit dodgy and he is working on behalf of persimmon who will tell you anything to get a sale (and probably one of the worst builders out there). Use an independant financial advisor who looks at the full market and won't charge you. As was previously stated, the house will still be overpriced.
I'd avoid completely if I were you, do a search on persimmon/charles church and you will find lots of really bad reviews, hopefully these may put you off.

the quality of the house isnt an issue as its a semi and the next door neighbour is a close friend of ours and they have lived in the house for 12 months and not had any problems, and i also have a work mate who has lived on the estate for almost two years and had no issues with the build.


I also understand the state of the market at the min but like i stated my girlfirend is on maternity as she gave birth a few weeks ago and it isnt good living at a parents house

pandamonia

Rob_Jones wrote: »

the quality of the house isnt an issue as its a semi and the next door neighbour is a close friend of ours and they have lived in the house for 12 months and not had any problems, and i also have a work mate who has lived on the estate for almost two years and had no issues with the build.


I also understand the state of the market at the min but like i stated my girlfirend is on maternity as she gave birth a few weeks ago and it isnt good living at a parents house

my advice is to pull out of buying this house and get a better mortgage for a older home using your 10%,

or even better find somewhere nice to rent till market gets better

socrates

If you really want to know about them put it in a google search with the words 'thamesmead' 'persimmon' and 'mortgage fraud'

Negative equity at its best!

Rob_Jones_2

pandamonia wrote: »

my advice is to pull out of buying this house and get a better mortgage for a older home using your 10%,

or even better find somewhere nice to rent till market gets better

im going to look at the cost of renting now thanks!

its just a shame about the £500 reservation fee


iv done a search for them terms socrates and read about it,

I still think a 4 bed, 3 bathroom,3 floored house with a garage underneath for 150k is a good deal to say its fully carpeted with a fitted kitchen

socrates

Make a lower offer and stop worrying about the background pressure (I knew there was some)

Everyone here is saying the same thing.

Did you ever hear anyone saying 'I bought a new build house and its really bad quality'

If you REALLY want the house make another lower offer and see what they say.

Personally I would steer well clear!

Rob_Jones_2

The problem with making a lower offer is we were haggling over the price for a few weeks and dropped it to the point where she said she cant go any further, and if she does and we still cant get a mortgage it might cost us some more fee's.

Is there any way i can check if the company is independant and not connected to persimmon? its just how the advisor said "you have no choice you have to get your mortgage with me" when we have signed nothing apart from a form to say were giving him permission to use our details to find a mortgage

socrates

Ask him if he would like to repeat those words to the FSA.

FIND ANOTHER BROKER!