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Is everything going to fall through now?
dizziblonde
Posts: 4,276 Forumite
Ok long, sometimes emotional story coming. I'll add before I start that I'm a natural pessimist - because when I look forward to stuff it goes wrong. I fully accept this is likely to be colouring my judgement.
We've rented for a long time, and we're both utterly fed up with it, our current landlord is, putting it politely, he's still got his stabilizers on his shiny landlord bike and won't do repairs. While I don't exist income-wise to lenders, hubby had started to play around with mortgage calculators and the unthinkable had become thinkable - that we could get a mortgage and buy. We got into a position where we could get a 10% deposit together (bank of mum and dad coupled with our savings), and he got the In Principle statement of numbers etc sorted.
We had an offer accepted on a house in the street we rent in, and put all the formal mortgage stuff in. Following their advice - we put me down on the mortgage app with an income of zero (I agency work so my income won't be considered by many places - thankfully we hit the income multiplier on hubby's income comfortably), filled in all the forms etc - sent back, instructed the solicitors they recommended (not money saving but we were going for doing things as straightforward as possible). As far as we're aware - mortgage bods say it's passed through underwriting and credit checks and the only thing holding up the formal offer is the valuation which we've been billed for and we're just waiting on the bod to come do the survey.
Emotionally we've been through utter hell in the last few months, and we both very much need this house to go through as it's the focus keeping us going at the moment. I've got a massive massive emotional need to get out of this place now - it's got bad memories from two miscarriages, the last one being horrifically drawn out and ending in the loss of twins. This place epitomizes all those lost dreams and hope for me - and, well, if the purchase of this one falls through - I'm going to do the utter collapsing thing I managed to avoid with the in and out of hospital and yukky stuff. I'm also terrified of banks because their cashpoint spat my card out when I was a student. It's irrational - but my mum has the same issue.
I THINK... we're over the worst of the hurdles if they're saying that basically we've been approved and they've started racking up survey charges and the like (we live in an indentical house to the one we're moving to - I know what the survey is likely to throw up - a new roof in the next few years or so will be the biggie, we know about this, it's the talk of the street about people starting to think about getting theirs done).
The bit that's currently worrying me to the point of tears is we started trying to get all the other stuff together - buildings insurance, life insurance and the like... hubby's gone through fine (although he's a fat so and so - he's got the height to get away with it), and they look like they're going to be utter so-and-sos with me. They've hauled in my medical records, they're now demanding a medical exam - we've taken out separate policies, but as hubby's the one paying the mortgage (my income basically provides luxuries and we've budgetted financially so we can live without my income if needs be because of trying endlessly for a child), he's now saying we don't need me to have it... I'm in two minds - right now I don't think I can take much more medical probing and examining since I'm in no way over the nightmare of the last few months - but I don't want to be the hurdle that this all falls down over - I couldn't cope with that and I'd never forgive myself. I'm not sure what to do - but I've been in tears with it all this afternoon in case the whole thing is about to fall down over my flipping BMI (I know full well that's what they're twisting over - despite me losing 3 stones so far in the persuit of getting pregnant or help from the NHS).
Is this all going to go wrong now? I know that house purchases are never in the bag until you've got the keys in your hand - but if this is all going to fall down over my weight - it will probably destroy the pair of us.
Apologies for being emotional over it all - I know you're meant to be cold-hearted and rational over property, but since events took over, this is really our hopes of a fresh start and a future away from reminders of what we've lost over the last month - I think we're both now needing that desperately.
We've rented for a long time, and we're both utterly fed up with it, our current landlord is, putting it politely, he's still got his stabilizers on his shiny landlord bike and won't do repairs. While I don't exist income-wise to lenders, hubby had started to play around with mortgage calculators and the unthinkable had become thinkable - that we could get a mortgage and buy. We got into a position where we could get a 10% deposit together (bank of mum and dad coupled with our savings), and he got the In Principle statement of numbers etc sorted.
We had an offer accepted on a house in the street we rent in, and put all the formal mortgage stuff in. Following their advice - we put me down on the mortgage app with an income of zero (I agency work so my income won't be considered by many places - thankfully we hit the income multiplier on hubby's income comfortably), filled in all the forms etc - sent back, instructed the solicitors they recommended (not money saving but we were going for doing things as straightforward as possible). As far as we're aware - mortgage bods say it's passed through underwriting and credit checks and the only thing holding up the formal offer is the valuation which we've been billed for and we're just waiting on the bod to come do the survey.
Emotionally we've been through utter hell in the last few months, and we both very much need this house to go through as it's the focus keeping us going at the moment. I've got a massive massive emotional need to get out of this place now - it's got bad memories from two miscarriages, the last one being horrifically drawn out and ending in the loss of twins. This place epitomizes all those lost dreams and hope for me - and, well, if the purchase of this one falls through - I'm going to do the utter collapsing thing I managed to avoid with the in and out of hospital and yukky stuff. I'm also terrified of banks because their cashpoint spat my card out when I was a student. It's irrational - but my mum has the same issue.
I THINK... we're over the worst of the hurdles if they're saying that basically we've been approved and they've started racking up survey charges and the like (we live in an indentical house to the one we're moving to - I know what the survey is likely to throw up - a new roof in the next few years or so will be the biggie, we know about this, it's the talk of the street about people starting to think about getting theirs done).
The bit that's currently worrying me to the point of tears is we started trying to get all the other stuff together - buildings insurance, life insurance and the like... hubby's gone through fine (although he's a fat so and so - he's got the height to get away with it), and they look like they're going to be utter so-and-sos with me. They've hauled in my medical records, they're now demanding a medical exam - we've taken out separate policies, but as hubby's the one paying the mortgage (my income basically provides luxuries and we've budgetted financially so we can live without my income if needs be because of trying endlessly for a child), he's now saying we don't need me to have it... I'm in two minds - right now I don't think I can take much more medical probing and examining since I'm in no way over the nightmare of the last few months - but I don't want to be the hurdle that this all falls down over - I couldn't cope with that and I'd never forgive myself. I'm not sure what to do - but I've been in tears with it all this afternoon in case the whole thing is about to fall down over my flipping BMI (I know full well that's what they're twisting over - despite me losing 3 stones so far in the persuit of getting pregnant or help from the NHS).
Is this all going to go wrong now? I know that house purchases are never in the bag until you've got the keys in your hand - but if this is all going to fall down over my weight - it will probably destroy the pair of us.
Apologies for being emotional over it all - I know you're meant to be cold-hearted and rational over property, but since events took over, this is really our hopes of a fresh start and a future away from reminders of what we've lost over the last month - I think we're both now needing that desperately.
Little miracle born April 2012, 33 weeks gestation and a little toughie!
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Comments
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What does your house purchase have to do with your BMI?0
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What does your house purchase have to do with your BMI?
The whole life insurance thing we're trying to get sorted is what seems to be threatening to chuck a spanner in the works. Hubby's is the priority and has gone through fine - just me. I don't know if the mortgage will fall through if I'm not covered or what.Little miracle born April 2012, 33 weeks gestation and a little toughie!0 -
Not sure what you want to hear after writing all this but anyway....
Why do you need life insurance? Do lenders want that now? I never had any.
Also, why are you even mentioned on the mortgage application? I kept my wife off as knew all would be OK with my income so wanted to keep things simple.0 -
Lenders used to be very keen on ensuring that everyone was insured but that seems to be much less of a requirement nowadays (particularly as the profits from a bit of term insurance are much less than those from an endowment)
Have a look at the lender's website and try and find the general terms and conditions, whilst I'm sure it will mention buildings insurance I'm not so sure it will refer to life insurance. So there may be no requirement for it, _if_ there is then the mortgage will probably have to go in his name alone.
Therefore I wouldn't expect it to be too much of an issue.IANAL etc.0 -
I didn't think it was compulsory to have life insurance when you took out a mortgage (although it's obviously a good idea), thought it was just buildings insurance they insisted on?
And even if they do, as your income is down as £0 on the mortgage application, what exactly would you be insuring anyway (from the mortgage co's POV)? Unless they've specifically asked to see evidence of life insurance, I would say your hubby's probably right, and if you really can't face the medical don't sweat it - it sounds like you have enough on your plate to worry about.0 -
Cant he just get the mortgage in his name if your income isnt going towards it?
Lenders wouldnt require life insurance on your side if this was the case.
Obviously you wouldnt be on the mortgage, and possible deeds (not sure) but you would be bypassed in the checks.
Incidentally, no-one checked that me and my partner (joint mortgage) had life insurance. People were suprised at this but understanding is that it is leass important now....for some reason
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Does your mortgage agreement demand you take life insurance with them? I thought the two were totally separate and it was up to you if you wanted to take out life insurance or potter along without it. I don't think life insurance has become obligatory has it?!
Try to take a step back and look at the positives....you have been accepted in principle for your mortgage subject to a satfisactory valuation of the house you want to buy. I know how it feels to be waiting on others to make decisions but it will all come together in the end.
Good luck with your house buying and for the future
"Put the kettle on Turkish, lets have a nice cup of tea.....no sugars for me.....I'm sweet enough"0 -
dizziblonde wrote: »The whole life insurance thing we're trying to get sorted is what seems to be threatening to chuck a spanner in the works. Hubby's is the priority and has gone through fine - just me. I don't know if the mortgage will fall through if I'm not covered or what.
You don't have to have any life cover to have a mortgage, it's a personal choice.0 -
I know I don't get it all either (I'd have quite happily hidden below the parapet of it all to be honest). They've not demanded we insure through them but requested the insurance is in place I believe - hubby's is the one paying the mortgage, so I guess his is the priority - it's just me that's going to be an issue apparently. I'm inclined to just say fine, leave me without (hell it's not as if we have dependants since I keep miscarrying any propsective candidates) since, to be honest, I'm sick of being prodded and investigated by the medical bods at the moment - just terrified of repercussions if I do that. The lender's the ones who've suggested that it's all done this way and we're kind of wading through it all in the dark pretty much. Far as I'm concerned - I just want this new house to get away from the horribleness of the past and it just seems to be ongoing utter terror that we won't get the mortgage or we'll get gazumped or something or other... the structural integrity of the house is actually the one bit I'm not too worried about!Little miracle born April 2012, 33 weeks gestation and a little toughie!0
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