1st Time Buyer ...Help

bridget180282

Hi

I would like some advice, I got a mortgage promise from the Halifax for 92k and I saw a property and the offer got accepted at 89k I have a 10% deposit

The property is a flat on lease hold with 99 years left on the lease, the estate agent advised me to go see their financial advisor who said they could get be a better rate than the halifax etc

On seeing the agent and trying to get an a mortgage approved with Abbey he rang me yesterday to say that he cannot get this approved with 10% deposit and no where is lending 90% LTV for properties on flats but Natwest is which had a rate of 6.99 and the fees were higher

I am aware on new builds the deposit needs to be 20% but not on any flat that has been built for 30 years plus

I rang the halifax direct yesterday and they told me the information I had been given was wrong and processed my application all I need to do is switch to their current account and provide proof or earnings which I can do they credit checked me over the phone

I then got another call from the F/Advisor this morning I explained I had sourced my own mortgage direct with Halifax and he advised me when it gets to the under writing stage it will not get approved and they will require 15% deposit

Can anyone give me any advice as Halifax are saying its fine and this FA is telling me otherwise which is turning my 1st time buying experience into a more stressfull process than needed!

Thanks
Bridget

AndersLimpar_2

Try this...

http://www.ybs.co.uk/mortgages/current_products/products/ftb_fix_004.html

No idea if they accept leasehold flats but worth a look at least. Best deal for 90LTV at the moment taking into account the incentives.

GMS

AndersLimpar wrote: »

Try this...

http://www.ybs.co.uk/mortgages/current_products/products/ftb_fix_004.html

No idea if they accept leasehold flats but worth a look at least. Best deal for 90LTV at the moment taking into account the incentives.

Leasehold flats are no issue provided the lease has sufficient length remaining at end of mortgage term.

Freehold flats are the problem, not many lenders will touch them

luckyfool

If you have been approved by Halifax direct already, and the rate is better than what the Estate Agency broker is offering then say thanks for trying, I think I will just stick to Halifax.

AndersLimpar_2

I looked at houses with 3 estate agents, all of which wanted me to see there advisor, one of which insisted i saw the advisor before i could look at any houses. I told them all i had arranged it already direct with YBS and they all ended up saying 'yeh, we cant beat that'...

I did get a fair bit of help and advise prior to going Direct from my reletive who works for L & C though it must be said.

quantic

I would say that the EA's FA is talking rubbish, they pulled very similar stunts on me and to mirror the person above, when I did finally agree to waste an hour of my life talking to their FA within work time he informed me that he couldn't beat the deal I had already got. Not even with an increased deposit.