Mortgage for repossession

jaffs

Ok i have seen a house that i am looking at buying, the problem is its a repossession. I have been advised that the purchase will need to be completed within 28 days, does anybody have any experience of this and know which lenders would be best able to facilitate this timescale.

I know that buying a house can drag on, are any lenders better than others in this situation?

Conrad

In theory any lender could meet the timescale. Particularly slow an ineffiecient are Santander and Accord.
The 28 day deadline is usualy extended in practice as long as the buyer has made good progress.
I'm assuming this is not an auction purchase as that carries other risks.

Note the lawyer generaly takes longer than the mortgage - a key point often missed by purchasers at outset.

Crosby

Conrad wrote: »

In theory any lender could meet the timescale. Particularly slow an ineffiecient are Santander and Accord.
The 28 day deadline is usualy extended in practice as long as the buyer has made good progress.
I'm assuming this is not an auction purchase as that carries other risks.

Note the lawyer generaly takes longer than the mortgage - a key point often missed by purchasers at outset.

Conrad, I will disagree on the Santander part. They are brilliant, very quick, very easy to deal with, their rates are not the cheapest, I have had to deal with them twice (2 house purchases) and both times they were great... But thats by the by

I am buying a repo house now, and getting a mortgage from TMW, and its been dragging on since 2nd of November, partly coz I had to amend the house purchase price coz got outbid, still havent received a mortgage offer (Santander send out final offers within a week of the valuation date). To be fair to TMW, with all the Nationwide staff turnover reduction I am not expecting a great service. But i am getting frustrated...

Sorry to junk up your thread Jaffs

jaffs

Crosby wrote: »

Sorry to junk up your thread Jaffs

No worries:D

The broker at the estate agents suggests a certain lender as they will manage the 28 day limit, but they haven't got the best rate so i'm just a little unsure, whether to stick with the brokers suggestion or risk getting a deal on my own:think:

Thrugelmir

jaffs wrote: »

The broker at the estate agents suggests a certain lender as they will manage the 28 day limit,

As Conrad pointed out the legal side of purchase can delay the transaction as well. So don't be fixated on the lender alone.

Time is slipping away as you've just over 5 weeks to Xmas in any event. So you need to act fast if you wish to complete with in the timescale.

papermoney

Im in the process of buying a repossession - I offered on the 8th, AIP on the 8th, mortgage applied for on the 11th, valuation today, solicitor has applied for searches and draft contract arrived yesterday, no mortgage agreement yet but that is expected by Monday. We have an exchange date of the 6th December and Completion date of the 13th (we've been told that they will not rigidly stick by these timings providing solictors etc are making progress).

It can be done in 28 days though. We used the broker who worked for the EA as it seemed easier and going through Nationwide.