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Lender changing maximum LTV's
goldie2506
Posts: 18 Forumite
Hi,
This is my first post on here and I would really appreciate a reply!
I am in the process of buying my first home ( a repossession) so we are tight on time. I applied for a 90% mortgage from Natwest, passed credit search over the phone, then when the case went to underwriting they said the max i can have is 85% (which i can just about afford but means i wont be able to do the work to the property that needs to be done) , they have said max 85% because i have moved 4 times in the last 3 years ( through no fault of my own, one the landlord was selling the property, a relationship breakdown, repossesion as landlord not paid mortgage). Please note i am on the voters role and have never missed a payment for credit in my life (i have 1 small credit card and 1 small store card bal). I reluctantly accepted as the property is too good to be true and i am buying for approx 30k below market value. However i have recieved my offer today and it words ' this product allows you to borrow 90% of the value of the property' it does not state 'upto' 90%, do i have a case here to see if i can get the full 90%, after they have paid out, as i am due to exchange on monday and we have strict deadlines for this to go through?
Thank you very much
Victoria :A
This is my first post on here and I would really appreciate a reply!
I am in the process of buying my first home ( a repossession) so we are tight on time. I applied for a 90% mortgage from Natwest, passed credit search over the phone, then when the case went to underwriting they said the max i can have is 85% (which i can just about afford but means i wont be able to do the work to the property that needs to be done) , they have said max 85% because i have moved 4 times in the last 3 years ( through no fault of my own, one the landlord was selling the property, a relationship breakdown, repossesion as landlord not paid mortgage). Please note i am on the voters role and have never missed a payment for credit in my life (i have 1 small credit card and 1 small store card bal). I reluctantly accepted as the property is too good to be true and i am buying for approx 30k below market value. However i have recieved my offer today and it words ' this product allows you to borrow 90% of the value of the property' it does not state 'upto' 90%, do i have a case here to see if i can get the full 90%, after they have paid out, as i am due to exchange on monday and we have strict deadlines for this to go through?
Thank you very much
Victoria :A
0
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