Abbey and a new biuld on a technicality

Japtastic_UK

After spending two hours on the phone to Abbey today and them asking the basic questions at the beginning apart from whether the house is a new build and I didn't realise it made a difference, they asked at the end at then decided they wanted another 5% so 20% instead of 15%, meaning another £11,400!! So annoying... So unless I can borrow this from the parents we are screwed, the thing that really puts the icing on the cake is that the house is actually just over a year old but the builder only put the completion cert in, in the last couple of weeks meaning it's technically brand new

Any way out of this if I can't find the extra cash considering the house is actually over a year old? Any way of proving this so they will accept?

Thanks

P.S Can someone adjust the topic, spelt build wrong!

Mrs_Bumble

Apparently Nottingham building society will do 90% LTV on a new build according to another thread on here today!

You can't make Abbey do anything that they don't want to do.

Japtastic_UK

Ahh sorry forgot the most vital part that I'm tied in to another year and a half with the existing loan so stuck with Abbey, I've heard they are in a mess, have you ever come across anything like this before?

nervousftb_3

'new build' means that nobody has lived in it before (or at least not for a period of more than 6 months if i remember rightly), not that it is literally brand new. the house i have just moved into is a 'new build', but was physically finished being built 2 years ago.

you will struggle to find a lender willing to lend more than 80% on a new build, simply because they are a recipe for instant negative equity - i.e. the minute you move in, the house is worth less than you paid for it!

_Andy_

Japtastic_UK wrote: »

Ahh sorry forgot the most vital part that I'm tied in to another year and a half with the existing loan so stuck with Abbey, I've heard they are in a mess, have you ever come across anything like this before?

Which existing loan? I take it you have a mortgage already with them on your current home?

Japtastic_UK

I'm pretty sure the current tenants have been in their longer than 6 months.

Yes I already have an existing mortgage with them on my current property.

_Andy_

Abbey won't budge on the criteria for new builds I'm afraid.

Mrs_Bumble

New build criteria, not lived in more than 12 months!

Tom25

At least you found out now, and not after all the expense of doing a application/survey..