mortgage declined after offer recieved

rani31

We are currently with the Halifax, the remortgage was to be with the Natwest and the welsh property was with Santander.
At the moment, the problems we have had with santander are being looked into, so it may or may not go in our favour, and in the meanwhile, this has happened with Natwest.
Our broker has said that he is doubtful that Halifax would give us extra even though we are with them now as their lending criteria
has changed.
So now, even if it comes good with santander, we haven't got deposit. The whole business has been so stressful and i've been told by our broker, we should hear from santander yes or no, by next wednesday so i'm not even going to approach halifax until i know the out come.

rani31

Kingstreet, our current house is a timber framed 3 storey 4 bedroomed townhouse, built after 1970.
The property we wish to buy in Wales will only be for our use and our immediate family. There will be no commercial letting at all as we just want somewhere to get away to, nothing else.
We are easily able to afford both properties no problem.
Betmunch, We didn't mention to broker that our house was timber framed as we were unaware that it was a problem, and he also didn't ask.

kingstreet

So your broker is working on the Welsh thing? Is he looking for a new lender for the current property?

For example;-

The following are regarded as traditional construction and normal lending terms apply:

Walls

Cavity outer walls of brick/reconstituted stone with inner walls of brick or block.
Cavity outer walls of brick/reconstituted stone/blocks rendered with inner walls of brick or block
Timber framed property with outer walls of brick/reconstituted stone, built 1970 or after
Timber framed property with rendered outer walls of brick/reconstituted stone/block, built 1970 or after
Solid Stone

from Nationwide's lending criteria.

Obviously, he will know a lot more about your circumstances than we do, so I hope the prod in the right direction helps!

rani31

Hi Kingstreet, our broker has been working on the two togetherand is still dealing with the welsh end and santander.,the first we knew our house was a problem was yesterday when he phoned and said Natwest had done a drive by survey and declined the remortgage .He then asked us about our property and asked us if our property was any of what you have just posted. Unfortunately, Our house doeas not have reconstituted stone over timber frame and only brickwork is where we have converted garage . So it doesnt fit any of the criteria.
He just says he doesnt think we are going to get a remortgage,he said we can't even change mortgages for a cheaper rate and are stuck with halifax.

kingstreet

So what is the actual construction?

What is the outer skin made of?

rani31

they are timber construction and outer skin is wood and ornamental metal cladding, apart from ground floor which is brick at front and timber clad at the back

GDB2222

rani31 wrote: »

they are timber construction and outer skin is wood and ornamental metal cladding, apart from ground floor which is brick at front and timber clad at the back

I am surprised that that is not reflected in the valuation figure. Are you quite sure about values and the £50k equity that you said you have?

geoffky

You talk of equity as real hard earned money..its not.

kingstreet

rani31 wrote: »

they are timber construction and outer skin is wood and ornamental metal cladding, apart from ground floor which is brick at front and timber clad at the back

I see. The only option I can offer is a return to Halifax for the further borrowing you need.

rani31

geoffky wrote: »

You talk of equity as real hard earned money..its not.

I don't talk like that at all, and we really earn our money, by hard work.

GDB2222, we have a small mortgage.and work carried out has increased value.

Thankyou Kingstreet for your constructive comments and advice,you have been helpful and it is appreciated.