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mortgage declined after offer recieved
Comments
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Very simply, and with absolutely no sarcasm at all.......we can't always have what we want and you are wanting quite a lot! If it can't be done, then it can't be done. Sometimes it's best to just accept the situation and perhaps try to think of an acceptable alternative. In wanting a holiday home you are wanting an absolute luxury which is totally beyond the means of 95% of the population.
"Wanting" something doesn't automatically mean you are entitled to it.
"If wishes were horses, beggars would ride" is an old saying which seems appropriate!
I am just trying to inject a dose of realism, that's all......:o:snow_grin"Let it snow, let it snow, let it snow........":snow_grin0 -
Who set the whole thing up?
Was it you? Your Bank? A broker?I am a Mortgage Adviser
You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
All I want is a 20 acres plot in Devon with a beautiful listed building near the coast.
When I have the cash I will have one.
How much is your current house worth?
There is no need for sarcasm, i came on this site for advice.
It wasn't sarcasm!
I will buy one when I can afford one.
And the advice to you would be to do the same.0 -
Tell us about the "timber frame" issue. Which lender?
Some lenders won't do it, that's not to say there won't be at least one lender open to you...
Propositions like this need careful planning and exhaustive attention to detail. Picking the wrong lender for a particular type of construction is an elementary error.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Getting funding for second homes is difficult particularly if you have a mortgage elsewhere. I paid for one by borrowing 100% of the cost out of the equity on my current house.
the other posters are right - you can't have 2 residential mortgages at the same time - not bad thing really as the rates may go up.
Hope you manage to sell your current house and buy your bolt hole !0 -
Really? That's not my experience.hermanmunster wrote: »you can't have 2 residential mortgages at the same time
I have a number of clients who have more than one residential mortgage for a number of reasons.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
thankyou for your replies. We went to a broker who set it up,and i dont think i am wanting a lot. We've worked bloody hard all our lives and spend all our free time in Wales, either spending out on b&b or hotels. we just want to be able to have our own place, which we would be able to afford each month, along with our current mortgage.
Our broker has told us that if we sell our current property, and rent instead, which we thought would solve our problems,we would likely be refused a mortgage on a property in Wales as we live so far away, as the banks would assume it would be our main homeand we would give up our jobs here to seek work down there.
I would just like to know if lenders always assume this is the case or are we recieving bad advice?0 -
Thats what I was thinking, while there isnt a great deal of detail in the post, it does look like a case that could be done if its put together properly, hence my interest in who set it all up.I am a Mortgage Adviser
You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
thankyou for your replies. We went to a broker who set it up,and i dont think i am wanting a lot. We've worked bloody hard all our lives and spend all our free time in Wales, either spending out on b&b or hotels. we just want to be able to have our own place, which we would be able to afford each month, along with our current mortgage.
Our broker has told us that if we sell our current property, and rent instead, which we thought would solve our problems,we would likely be refused a mortgage on a property in Wales as we live so far away, as the banks would assume it would be our main homeand we would give up our jobs here to seek work down there.
I would just like to know if lenders always assume this is the case or are we recieving bad advice?
Did you tell the broker your property in MK was timber framed?I am a Mortgage Adviser
You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Can we separate the issues here?
Tell us about the current property and the timber frame thing. Who's the existing lender? Who are you remortgaging to?
The Welsh property. You plan to visit it when you want and don't plan any commercial activity, such as holiday let or B&B?
Are your incomes sufficient to cover both mortgages?I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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