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Mortgage broker and shared ownership advice plz
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mortgage-advice
Posts: 17 Forumite
Hi,
We are new to this forum, Basically we are looking for some general advice, firstly we have found a house we really like and do not want to lose it, we went to view it, put an offer and the seller excepted the offer .(23/09/06), we have a mortgage agreed in principle(22/09/06), and have instructed solicitors (25/09/06) and have a confirmation letter from the EA outlining the property confirmation stc, and there is a sold board on the property, Now our question is - If the mortgage has been agreed in principle (we understand this is not guranteed), what would be the reasons for the mortgage to be declined the full application (mortgage in advance) ? secondly we own a property in cumbria which is shared owner ship and the money from that is going to cover our deposit, Its only been on the market a while and we know its still ealry days, just incase say, if the property does not complete in time is there any other options to how we can get the funds together we have tried bridging loan but they will not go ahead if the property is shared, is there any other options - it really is only short term (2-3 months) the seller is not in a rush but has said he would like to complete by dec 06, i would be gutted if we lose the house as it ticks all our requirements etc, is any one else in this situation, we would be grateful for any advice, remember its only general advice we are looking for.
Thanks in advance
We are new to this forum, Basically we are looking for some general advice, firstly we have found a house we really like and do not want to lose it, we went to view it, put an offer and the seller excepted the offer .(23/09/06), we have a mortgage agreed in principle(22/09/06), and have instructed solicitors (25/09/06) and have a confirmation letter from the EA outlining the property confirmation stc, and there is a sold board on the property, Now our question is - If the mortgage has been agreed in principle (we understand this is not guranteed), what would be the reasons for the mortgage to be declined the full application (mortgage in advance) ? secondly we own a property in cumbria which is shared owner ship and the money from that is going to cover our deposit, Its only been on the market a while and we know its still ealry days, just incase say, if the property does not complete in time is there any other options to how we can get the funds together we have tried bridging loan but they will not go ahead if the property is shared, is there any other options - it really is only short term (2-3 months) the seller is not in a rush but has said he would like to complete by dec 06, i would be gutted if we lose the house as it ticks all our requirements etc, is any one else in this situation, we would be grateful for any advice, remember its only general advice we are looking for.
Thanks in advance
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