Can't get a mortgage. Someone please help!

Angel1090

Hi,

I'm new to this site, but hoping someone can help. My boyfriend and I are first time buyers who have fallen in love with a particular property. Unfortunately, this property is a flat above commercial premises which is part of a conversion of a listed building into 12 new flats. We have a 15% deposit, but can't stretch to any more than that.

We have consulted two different brokers, both of whom have told us that we can't get a mortgage. The problem is that my boyfriend has a very poor credit rating, caused by a couple of defaults from a few years ago. He since paid these off, but they won't come off his rating for another 2 years. I have an excellent credit rating and neither of us have any debts.

Apparently the issue is that only a couple of lenders will lend on new build flats above commercial premises, and none of these will lend on a 15% deposit to someone with defaults. I can't afford to buy the flat on my own as my salary is not high enough.

It seems so unfair, we've saved long and hard for a deposit and neither of us has debt, yet no-one seems interested in lending us money. Aside from just giving up on our dream flat, does anyone know a way we might be able to get a mortgage? I would appreciate any advice.

hcb42

If you have been to a couple of brokers who cannot help, I am not sure much more can be done here.

You dont go into the problems your partner had in the past, but if it seems like these are the issue all you can do is correct these and wait and then reapply

I am assuming you cannot borrow this on your own of course...

BYALPHAINDIA

Hi, I am sorry to hear this,

There must be someone able to help you, A mate of mine paid someone 2,000 - No questions asked and got a mortgage years ago.

I am not recommending that thou Lol !!

If you keep banging then someone will hear you !!

Buy to Rent/Let ??

Best Of Luck Anyway.:beer:

hcb42

BYALPHAINDIA wrote: »

There must be someone able to help you, A mate of mine paid someone 2,000 - No questions asked and got a mortgage years ago.

The market has crashed somewhat since then (thankfully!) I believe my pet rabbit could have got a 125% mortgage pre 2007 without evidence of its income, and I dont even have a rabbit.

handytips

Please do not see it as being Unfair.
You have 3 major problems here.
1. Flat above a commercial property
2. Defaults
3. 15% deposit.

Its not the lenders fault that your partner picked up defaults, and i often hear from people who say, It wasnt my fault, it was the banks, local authority, card company etc etc. In the end it is the person who chose not to pay the debt for whatever reason and it is a natural human reaction to blame everyone else apart from themselves.

I would look for a more standard type property, ie not above a commercial property in a block that is Listed.
I would get your affordabilty assessed and then you can start looking around for another property, yes it is dissappointing you cannot get the place of your dreams, however a little bit of reality should also be Kicking In.
Good Luck to you.
For the record i have just run basic details through my whole of market system and there are no products available so the brokers are correct.

beecher2

Maybe need a reality check - few people move into their 'dream home' first time round, and I'm sure there will be another property out there that you'll love living in. Either keep saving for 2 years until the defaults come off, or look for a cheaper property.

Senior_Paper_Monitor

Also counts as a new build for most lenders - so you have 4 'make it difficult factors' - simply, this is not doable even off the normal product lines !

We happily take on most 'difficult cases' and succeed on a pretty good average - but we would not even bother completing the initial enquiry form for this one.

Leon_W

Senior Paper Monitor has pretty much hit the nail on the head with this one. 85% on a newbuild flat is going to be tough even with a squeaky credit history.

Add in defaults and the fact it's over commercial and it's just not possible.

To be honest I think you've had a lucky escape as anything over commercial is generally bad news. There are only a few lenders that will consider it in the first place and with so much consolidation within the mortgage market there is nothing to say that ANYONE will lend on it at some point in the future. Basically you would have an unmortgageable and unsellable (at a reasonable price) property.