Mortgage Advice

steveodan

Hi everyone,

I'm desperate for some advice. Buying a repossessed home and will have 28 days to complete. House has no boiler and a limited kitchen and bathroom.

Will i be able to get a mortgage if it soesn't have a boiler?

Also which lender do people think will be the quickest to complete my application, out of Nat West, Nottingham Building Society and Santander?

Any advice would be really appreciated.

Thanks

GMS

Boiler will not stop lending but may cause a slight down valuation.

What do you mean by limited kitchen and bathroom? Needs to have functioning sanutation as a minimum or will not be mortgageable. If a Buy to Let mortgage required it needs to be suitable to let.

As for the quickest of those it is impossible to say without knowing your situation. All I would say is Nttingham are 7 days to look at a case acording to their website, Natwest may require chapter and verse dependant on LTV, and Santander may have requirements too.

MAy be quicker using a broker as less paperwork possibly.

Have you checked you meet criteria for them all?

steveodan

Thank you for the Advice GMS.

The kitchen has a sink and some cabinets but is in a very run down condition (boiler removed and a large hole in the kitchen ceiling)

The bathroom has a toilet and a bath (in a poor condition) but no sink

I have spoken to the EA's broker but they can only get me the Natwest deal (most expensive)

I would have to apply for the NBS or Santander deals myself

I seem to meet the criteria for all the lenders, however with only a 10% deposit i'm really nervous that the lenders will make any excuse not to lend to me

GMS

Why only apply yourself for Santander or NBS?

steveodan

The Estate Agents Mortgage Adviser can only offer mortgages from selected lenders so this excludes the Nottingham Building Society. The Santander deal I have found is for direct applications only

GMS

What is the Santander deal?

If you go with them make sure you have everything ready to send off or you willend up with a delay. Also have the solicitor ready to go as soon as the offer is received

steveodan

Santander deal is 5.45% fixed for two years, booking fee of 95 pounds, no arrangement fee and no valuation fee.

Ok thanks for the tips, i am happy to go with the Estate Agents suggested solicitor to speed things up

GMS

What is your LTV? 90% I assume?

steveodan

Yes I will need a 90% mortgage

GMS

Decent deal that one.

Good luck with it. Make sure the sols are prepared for a quick completion.

steveodan

Decided to go for it and had an offer accepted on the house today. I have applied for a mortgage with the Nottingham Building Society in the end as over 5 years it should be the cheapest option. I will keep people updated on how the application with Nottingham Building Society goes.