* Fast track mortgage applications?! * Urgent help!

CharleneUK

Hi all, does anyone have any experience or advice on lenders who apply a fast track mortgage?

We were ready to exchange today, only to have our lender say that a restriction that needs to go onto the title is not allowed, as they will not allow ANY restrictions, only a 2nd charge. A second charge is not an option.

I'm just wanting advice or mortgage companies that are known for their quickness, I fear it's too late now, and I won't blame our sellers for bailing out, but it was out of our control.

Any advice on quick applications most grateful.

luckyfool

What kind of restriction?

Halifax are generally one of the quicker lenders and also more flexible.

CharleneUK

The council I am renting from offer a grant to assist people on the ladder (and free up their property) The restriction is that if I sell within the first three years they need to know about it, as part of the grant will be repayable, however, after three years the restriction is lifted.

I didn't want to say as this normally causes an array of nasty posters, but at this point, if it helps to know, there it is!

Thanks for replying.

To make it worse, our broker is on holiday and I feel awful for contacting him about this!

absolutebounder

CharleneUK wrote: »

The council I am renting from offer a grant to assist people on the ladder (and free up their property) The restriction is that if I sell within the first three years they need to know about it, as part of the grant will be repayable, however, after three years the restriction is lifted.

I didn't want to say as this normally causes an array of nasty posters, but at this point, if it helps to know, there it is!

Thanks for replying.

To make it worse, our broker is on holiday and I feel awful for contacting him about this!

I would have thought a decent solicitor should sort this out. Couldnt it be covered by a deed of trust for instance

CharleneUK

Thanks, I will call my solicitor tomorrow and ask.

I've just been off the phone with Abbey and they've stated the same. A second charge is fine, but no restrictions, apparently the underwriters won't allow it, and most high street mortgage lenders will be the same