Mortgage.....HELP

britmark

Not sure how to word this ,but here goes.

We applied for a mortgage online,which we got after a lot of hassle due to adverse credit.

Then we saw a house that we fancied,when we went to see the estate agent ,there mortgage broker convinced us to go with him. He got us a mortgage,but now the company have withdrawn the mortgage due to us owing rent on the place we are renting.Now the company says they are going to look for someone who does'nt require a tenency reference. I have rung them today and the have told me to ring back tommorow.

My questions are.

Do you think they would string me along?

Is they companies that will not require a tenanacy refrence?

If i go with the internet mortgage will we have to pay for another survey doing?

Do you think i should tell the solictor to hang fire whilst the mortgage is sorted?

I hope make sense.
Thank You
Mark

AndrewSmith

Hi Mark,

Yes you may have to pay another survey fee if you re-apply.

The trouble with most Estate Agency brokers is that they usually have a limited panel of lenders available to them to use. I used to be an estate agency broker for 8 years so I know how it works, trust me.

You would be better off chatting to an independant or whole of market broker who has a wider knowledge and scope of available products that will suit you.

Also it is in the best interests of the smaller broker to get you a good mortgage that is going to be accepted as he will get paid nothing until you move in, unlike the Estate Agency broker who is generally Employed thus gets a salary plus commission.

I would definately get the solicitor to hold fire until you have the mortgage sorted properly.

Hope this helps

Andy

HelpWhereIcan

britmark wrote:

Do you think they would string me along?

I would hope not, but you never know. I would go from how 'complete' you think their response to any of queries are. Unfortunately, there are times as a Mortgage Adviser when the best response you can give to a customer is "I'm on with it, let me get back to you as soon as I've had a response from the lender"

britmark wrote:

Is they companies that will not require a tenanacy refrence?

That depends whether you are a council/housing association tenant or renting privately. Quick answer is there should be.

britmark wrote:

If i go with the internet mortgage will we have to pay for another survey doing?

Yes. However, you may be able to save a bit of money (and time) by asking that the new lender requests what is called a 'retype' from the surveyor that did the first valuation.

You need to be aware though that if you have only had a decision in principle online, the problem with the rent reference may well come up again.

britmark wrote:

Do you think i should tell the solictor to hang fire whilst the mortgage is sorted?

Probably, if you feel that there may be a problem getting a suitable mortgage offer.

Hope this helps

britmark

Thanks for the replies.

We are renting private.

We have to be out of by the 3rd april, so we really could have done without this.

I am really not sure what do. We are first time buyers as well. So have never come across anything like this before.

I had better ring solictors tommorow and put it on hold.

I think the motgage broker is independant but not certain.

I will see what they say tommorow,if they hav'nt found anybody to take it on i will ahve to go with the internet one, as i can see us being homless in a few weeks.

Thanks for the advice and anymore would be welcome.
mark

HelpWhereIcan

britmark wrote:

We are renting private.

If you are renting frm a private landlord, most lenders will not require a rent reference as private landlords have been know to provide a good one either for a fee or just to get rid of a bad tenant.

I would say that you have been unlucky to be placed with a lender that would need a private landlord's reference - unless they saw returned items on your bank statements that turned out to be your rent payments - and would think that the mortgage could be placed elsewhere quite easily.

Hope this helps