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mortgage advise/ shared equity???
sarah.jane86
Posts: 3 Newbie
i have found my dream house. got an offer accepted, and started the mortgage application. Paid all the sol fees, and survey fees and now RBS have come back to me saying the house was built in 2007 and that its classed as a new build so have to supply a 20% deposit which i dont have
Any way of getting around this
Are there any shared equity schemes, government or private around?
Any advice would be greatly appriciated :-)
Any way of getting around this
Are there any shared equity schemes, government or private around?
Any advice would be greatly appriciated :-)
0
Comments
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Best off getting a different lender.
Didnt your broker pick this up? Its quite clear in the lending criteriaI am a Mortgage Adviser
You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
nobody advised me :-(
and i cant find a 90% lender for a new build0 -
I personally wouldnt call a house built in 2007 a new build. Is someone living there now?
RBS say any house first occupied before 01/01/06 is a new build to them, but all lenders are differentI am a Mortgage Adviser
You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
do you know of any lenders that are different?
No-one is living in it - the builder built them in 2007 - never sold - then rented out - now the builder has gone bankrupt and the bank own them - so kind of a repossesion0 -
Well, the good news is you should be fine to get this sorted out.
Bad news is I am not going to recommend a lender to you as I havent done a full fact find with you. Just take some time to speak to a proper broker and they should be able to place the case correctly.
The property should not be regarded as a new build as it has been occupied (the builder rented it out) you were just unlucky as you didnt know the RBS criteria.
Now, you have an issue with RBS. This is very very important: Did you have a "non-advised" service when you applied for the mortgage? Its on the KFI they should have given you before you applied, should be front page. Or on the IDD.
If you had "non-advised" then the money you have spent on survey and application fees are gone.
However, if you had an "advised" sale then the bank advisor that did the application with you should have stopped you when you told him the property was built in 2007 and therefore they should refund any costs you incurred from that point, untill they told you they would not proceed.I am a Mortgage Adviser
You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
It is only RBS who have defined this as new build. You don't have to believe them, you just have to find a lender who will let you have 90% and who don't define it as new build.sarah.jane86 wrote: »... and i cant find a 90% lender for a new buildHi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0 -
Built in 2007 this is defined as a new build for lending purposes and you sure wont get 90%0
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