Mortgage refused

catherinemick

Hi

Yes this has been my Husbands home all his life, I moved in when we got married and we now have 2 kids, my Father in law lived with us until he passd away a couple of years ago, we are living in it rent free.

Both the broker and my husband spoke to the lender and they would give no explaination only it was "their policy".

Affordability is fine although credit history isn't perfect, but I thought the loan to the value of the house would have been enough

payless

Is it actually Brit BS or Platform ??

catherinemick

Hi payless it is actually Platform..

The reason we need to buy the house now is the current owners have given us an ultimatum since my father in law passed away buy the house or they will sell it, as said we are getting it for a bargain so you can understand our urgency to get a mortgage

Conrad

Catherine


Platform never do these cases unless blood relatives.

I did one like this with CNT, ask your'e broker to look at them - sounds like you have no time to waste.

Mrs_Bumble

Catherine

I have just spoken to Nationwide Intermediary helpdesk and they have checked with a senior underwriter, and they will consider the case as long as the family friend will write a letter confirming that they are not going to be putting a charge on the house in relation to the gifted deposit and that they are happily selling the property under value etc.

Get your broker to ring his BDM or the Nationwide Intermediary helpdesk and get them to confirm the same thing to him!

Good luck

catherinemick

Thanks Mrs Bumble and Conrad for your help and interset we need all the help we can get, excuse my ignorance but what does CNT stand for, We will get onto our Broker straight away with this information.

Thanks again

kerry13238

hi it might be due to the mortgage being interest only i was told recently when i applied for a mortgage that i had to show i had some kind of endowment or savings plan to pay it off in the end as with interest only there will still be a balance to pay at the end of the mortgage term. i have had a interest only mortgage for 12 years and cashed in my endowments when i moved so when i applied for another lender they said i would have to go to branch with details of account to pay end balance.

Mrs_Bumble

This story has moved on in another thread.

FraudBuster

Did you use a Lie-to-Buy Mortgage Broker?

Mrs_Bumble

There is an update on the Mortgages for Adverse Credit thread.