where to go for a mortgage as a sitting tenant?

sue65_2

We have been told by our landlord that he wants to sell the house we have been renting for the last 26 years and has offered it to us for half its vacant market value as we, as sitting tenants have to be sold with it so it is only worth approx 50 per cent. We have seen an independent
mortgage broker and although he says he could get us a mortgage for that amount he cannot find anyone to give us one as the vacant market value is double the amount we want to borrow. Any ideas on
who to talk to about this. As we cannot be the only people to want to do this.

Conrad

I got one of these through Hants Trust but they are sticklers about going through your last 6 months Bank statements. Nationwide even did one of these for me not too long back - give your Broker a kick up tut bum!!

sue65_2

thanks conrad

Why does what seems like a straight forward deal, have to be so complicated. We can get the mortgage and pay it but everyone seems more interested in the fact that its not the vacant market value so wont help.

DVardysShadow

sue65 wrote: »

thanks conrad

Why does what seems like a straight forward deal, have to be so complicated. We can get the mortgage and pay it but everyone seems more interested in the fact that its not the vacant market value so wont help.

I really don't understand this. They lend on a house bought for £100,000 and they have security on a property worth £200,000. Are the lenders thinking that they are lending on a house with sitting tenants? Are they at risk of you continuing as your own tenants and rendering the property worth tenanted values? Does your broker understand the deal and is he explaining it properly to the lenders?