Slowly loosing patience!

y8s

Me and my partner are first time buyers. We have reserved a new build and applied for a mortgage with Abbey at the beginning of September - our info was faxed through and the valuer went out.

The house we are buying was undervalued by £24k even though the house next door was valued by the same company at the asking price (they also have a mortgage offer from Abbey).

We argued the valuation and Abbey agreed to let us have a mortgage with them with a 2nd valuation - we have paid for this and have also managed to get the house price reduced by £6k.

I got a phone call from our mortgage advisor on Friday stating that our application has been taken off the system by Abbey and that we need to start again - this will be the 2nd time as Abbey did this initially! Abbey have also asked for more up to date documents - recent wage slips etc as they no longer old the ones we sent in Sept however, at the end of Sept i changed jobs and am on a 6month probationary period.

Abbey still have our lenders fee which they took from our bank account straight away - no suprises there!!

We have been infomed that we can only go through Abbey because we need a 95% mortgage - We are paying 5% and the builders are giving us 5%

The mortgage advisor says we have nothing to worry about as Abbey have already given us a mortgage once but at that point i was still with my old job!

This is really stressing me out especially as we left our rented house to live with his parents until the house is built - which is due to be completed by Dec!!

Do i have anything to worry about or not?!:eek:



HELP!!

Jonbvn

I thought that gifted deposits from developers were no longer accepted by any lenders?

You have provided no deposit yourself? I think you will be lucky to get a mortgage.

dollydiva

Ditto.......

GMS

Abbey will allow a 5% incentive from the builder on a new build and OP states a 5% deposit of their own. Looks like confused LTV @ 95%.

beecher2

The new job is likely to be a problem as you're in a probationary period - with the combination of new build, 5% deposit and not being out of your probation til March I'd be amazed if you got a mortgage.

y8s

Well have already been accepted by Abbey twice for a mortgage however, that was before i changed my job.

beecher2

y8s wrote: »

Well have already been accepted by Abbey twice for a mortgage however, that was before i changed my job.

You weren't in a probationary period then though. Make sure you inform Abbey about your new job as a matter of urgency, if you haven't already done so.