Help with mortgage application!!

emmagater

Ok, can I have some advice from the mortgage advisors about what to do next then please......

We've had an offer accepted on a property for £227,500 and have a 10% deposit plus fees. If we have to leave Natwest, we need to pay the ERC which is £4,700. We don't have that.

As far as I'm concerned, my options are as follows:

1. Wait 3 months and re-apply with Natwest although this will involve cancelling our buyers/vendors and starting again.
2. Try and get a 95% mortgage and free up some of the deposit for the ERC but pay higher interest.
3.Get a 90% mortgage with cashback - I realise I've got more chance of a pig flying past my window.

Negotiating a price drop with the vendor won't help as that will just reduce my mortgage amount and not help with the ready cash for the ERC.

4. Natwest keep saying they'd be happy to lend me £157,000 which is my current mortgage amount but they're obviously saying they'd let me port it. Does that mean that I could potentially get a bridging loan for the remaining £50,000 and apply for additional borrowing in 6 months or remortgage? I realise that's not the best way to go about things but is it the best option given the situation?

DannyboyMidlands

Why are you even making offers before having your finances sorted?

emmagater

Natwest agreed our mortgage in principal and they won't let you go any further with a mortgage application until you have an offer accepted so what else could I have done??

emmagater

Can nobody help on this? Is a bridging loan until we can secure the full mortgage an option or is that suicidal?

Thrugelmir

emmagater wrote: »

Can nobody help on this? Is a bridging loan until we can secure the full mortgage an option or is that suicidal?

Bridging finance is not an option. As you are not bridging. Your only asset is the property you are buying. There is no guarantee of being able to raise the finance to remortgage.