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FTB Sub sales/Back to back mortgages
paulandalex
Posts: 3 Newbie
Hi there, my husband and I are just after some information if anyone out there can help us please?
We have attempted to buy a property and as FTB, we are a bit stuck as to where to find information. We had a mortgage promise from Halifax and proceeded to apply for said mortgage through them to be told that sub sales or back to back mortages were not acceptable. This is (if you're new to it all like us) when the vendor has owned the property for less than six months before selling on again. So we, the buyer, are unable to secure lending on the house.
Basically, we have tried with Barclays/Woolwich, they don't even know if they accept them ornot, Nationwide don't accept them. Our only hope is Abbey who by the looks of things, decide depending on the circumstances. Does anyone know of a lender who does accept them as we are running out of time?! Thanks for anyone who does take the time to reply to this.
We have attempted to buy a property and as FTB, we are a bit stuck as to where to find information. We had a mortgage promise from Halifax and proceeded to apply for said mortgage through them to be told that sub sales or back to back mortages were not acceptable. This is (if you're new to it all like us) when the vendor has owned the property for less than six months before selling on again. So we, the buyer, are unable to secure lending on the house.
Basically, we have tried with Barclays/Woolwich, they don't even know if they accept them ornot, Nationwide don't accept them. Our only hope is Abbey who by the looks of things, decide depending on the circumstances. Does anyone know of a lender who does accept them as we are running out of time?! Thanks for anyone who does take the time to reply to this.
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Comments
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Barclays/Woolworth should be ok with it they did mine0
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paulandalex wrote: »Basically, we have tried with Barclays/Woolwich, they don't even know if they accept them ornot, Nationwide don't accept them. Our only hope is Abbey who by the looks of things, decide depending on the circumstances. Does anyone know of a lender who does accept them as we are running out of time?! Thanks for anyone who does take the time to reply to this.
Fairly standard lending condition.
Could you not wait until the 6 months have lapsed.
The vendor will have wait until then unless they find a cash buyer.0 -
Are you using a Broker? If so they will know who to go to.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
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