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mortgage help... offer through but not for enough!
raglette
Posts: 2 Newbie
Hi We were due to exchange on a new build house on Fri which we have a part ex deal on ( we've been trying to sell our house for 2.5 years)... We had 2 mortgage brokers looking at deals for us (we wanted a 5 year fixed) and the best came up with the Yorkshire. They've taken our app fee and made us jump through hoops since before Xmas. However the mortgage offer came through yesterday but for £45k less than we need. Our new house is £320k. Our deposit is £55k. Our joint income is £70k. Their reason was because we pay childcare vouchers and my husband uses his credit card to pay petrol in the month (pays it off in full every month)
Our broker isn't in til tom but we are left getting no sleep that we won't get a mortgage now. He did say Yorkshire are v picky but how can they come back with an offer so low? Also do we get our £99 app fee back? If not have we,grounds with the broker to complain they have not told us the right info?
Also will this app now effect our credit rating? Please help...!
Our broker isn't in til tom but we are left getting no sleep that we won't get a mortgage now. He did say Yorkshire are v picky but how can they come back with an offer so low? Also do we get our £99 app fee back? If not have we,grounds with the broker to complain they have not told us the right info?
Also will this app now effect our credit rating? Please help...!
0
Comments
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Maybe you should enter your details on the YBS calculator
http://www.ybs.co.uk/faq/index.html?question=How much can I borrow?
However this could be quite a straighforward case of the mortgage valuation being nowhere near the asking price. Do you know what the mortgage valuation was/is? At the end of the day they are not going to lend you more than the valuation.0 -
It may be the high LTV too ?
I'm a bit scepticle of these calc, as they are simplistic, as they don't really show all the factors the lender uses to make their decision. They are purely very loose guides.
Not sure I'd fancy your monthly repayments, but good luck !0 -
What did the surveyor value the new build property at?0
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Hi thanks... The house was valued fine. It's us I guess.. we've spent so much already. Pity this didn't come up before0
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without being harsh your not in that good a posisition with a high ltv so not at all suprised you wont get the best 5 year deals on the market with a high ltv you need to just take whats on the table or stay where you are
until things change banks best 5 year deals are kept for low ltv customers0
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