Anyone else think that buying a house just now is an absolute farce

Harrybloominpotterthen

.....or is it just me!!

We've looked at loads of houses over the past three months, all bar one have been on the market since early 2008 most of them want the 2007/8 price for the house. Fine, however as a first time buyer Im finding incredibly hard to find a mortgage not that I can afford but one which I can afford the deposit, coupled with the stamp duty, coupled with all the other miscelaneous fees.

I don't want to pay 30-40 thousand pounds more for a house than its current market value.
We get guzumped on the first house we put in an offer on two weeks after submitting the offer and not getting a response and then they tried to entice us into a bidding war, err no thanks!!
And then we find a lovely house at the right price, put in an offer which is accepted, go to HBoS they get on with it, valuation done, solicitor on the case searches done, Mortgage declined!!!!!!!!!!!!!!!!!!What do mean mortgage declined, by my bank who Ive had my accounts with for twenty years, who did a full and proper credit search on us before we even started, who knew we had an old default on my husbands file right at the start. But declared it not to be a problem. Well its a bloody massive problem now fellas!!!
Because my bank have declined our mortgage, it seems no-one else will give us one either, even with a twenty percent deposit. No mean feat on a 230K house I think! My solicitors are telling me that HBos are doing this sort of thing to others attempting to buy a home.
D'you know what, that doesn't mean its acceptable.
What the heck is going on, when you ask the guys in the branch, they dont know either, they're as suprised and shocked as those of us who are on the recieving end of all this.
They have cost me alot of money by assuring me that they could give us a mortgage, knowing all the facts and then turning us down!
I'm going to rent I think, dont think Ill have a choice. Shall I jump before being pushed, shall I let down the estate agents who aren't exactly busy these days, shall I let down the people who are selling the house. Guess I dont have a choice and the very most worst bit of the whole thing is I will have to pay the solicitors and lets have a bet on shall we. How many of you think I will get the valuation fee back!!??
Whats all this going to cost ME, I reckon a good 1500 quid if Im lucky!
Does anyone think that HBoS will offer to help cover the cost Ive incurred because they have changed their policies, but ooh forgot to tell the guys on the front line in a timely fashion!! Like Hell they will!

I'm not bitter, I'm suprised I've managed not to say too many rude words though!!

:mad: :mad: :mad: :mad:
Frustrated Angry and really wishing I was Harry Potter, a magic wand would be lovely thing to have right now!

Rant over.....for now!!!

HP

sharpe106

If they declined your mortgage and you apply with another company providing you meet there criteria it does not matter that HBOS rejected you

Robert_Sterling_3

It does not make me laugh much.

poppysarah

You're right about people having high expectations on price still. I don't have the stress of a mortgage - just that of getting best value for the money I'm spending.
It's hard work getting viewings on several houses now - looks like a lot of the long termers have given up the will to sell.

Harrybloominpotterthen

No not very Shakespearean I agree!!!

More like a bad week on Eastenders I feel!:eek:

Already done that, they said we met their criteria, then declined the application. I have both our Equifax and Experian files there is nothing else on there As far as I know we've done everything the right way.
It appears it's not good enough!
Hubby's just completed twenty four years in the forces, this was supposed to be us setting ourselves up in one place for a change. No more moving house for years and years. Get the mortgage down to virtualy zero and more than anything just settle down.

This is all so very dissapointing!

I suppose looking on the bright side I could always have a pony! I've always wanted to have a pony:rolleyes:

HP

TroJon

sharpe106 wrote: »

If they declined your mortgage and you apply with another company providing you meet there criteria it does not matter that HBOS rejected you

I agree.

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What stage did they say everything was ok? If it was at the AIP (Agreement in Principle) stage, it's likely if they say yes, it will be a yes.

If they said yes at AIP stage and issued you with an AIP, then something must have changed in your circumstances between then and now. I.e. missed payments (arrears), defaults, other credit applications, lots of searches, lots of address changes/moves, CIFAs etc. etc.

Hope that helps and good luck!

Harrybloominpotterthen

Hi TroJon,

Thats just it nothing has changed. I have checked both our credit files again and again.
The only thing I can think of is that HBoS have just been taken over by Lloyds havent they, and aswell as not being a customer of Lloyds, they also have or had a very different lending criteria to HBoS. Or so Im told by severel people. As I said the guys in the branch here are mystified and very very embarrased about it all, which kind of makes me feel that Im not the only one who thinks they have behaved badly. They offered us an AIP on 500k we didnt apply for half that amount. I just dont get it at all, of course I am paranoid now.. are the other lenders seeing the searches by my own long term bank and realising that they've declined, are thinking that we are a bad risk.
Of course we have more than the average addresses we moved around alot while in the forces, it was what happened with us, but we have had a previous mortgage five years ago with no problem and my husbands file is 95% better than then. The lenders are all saying it the default, so what else could it be? It has ben paid by the way, recently.
Anyway A new month did everyone remember to do the white rabbit thing!!!!!!

Regards
HP