Mortgage disaster

ginwithlime

Hi all,

To cut the story short we had an offer accepted on a property in early Jan, subject to completion on Friday due to ftb stamp duty deadline. The deadline was missed due to the vendors, there were many problems including some work that did not have building control approval. We pulled out on Friday due to these problems and also because the vendors refused outright to pay the stamp duty.

Mortgage offer was with Principality and offer expires on April 30th. The refused to transfer the mortgage to another property (we have already found one) and have cancelled it saying we have to start from scratch again.

I have read on other threads that you can transfer the mortgage o another house an can not understand why Principality refused to do this.

Any advice?

Thanks in advance :beer:

opinions4u

A mortgage is a loan secured on a specific property.

So a new property requires a new mortgage application, valuation and legal fees etc.

Most lenders have fairly straight forward procedures to transfer data across from a previous application, but may take the opportunity to re-verify information that's already been provided.

Dave_Ham

I am sorry that you have been through this, the house buying process is still terrible and fraught with risk.

I am surprised you cannot move the mortgage application and just change property details mind you.

I cannot recall Principality being best placed for any rate or section of buyers, any reason you need to you them again or just the agg factor?

ginwithlime

Ahh OK, I think they are also taking the opportunity as rates have risen since our last application. Our broker has also said all lenders have tightened their belts since then too so am so worried we will not get another mortgage offer.

We are looking to buy at around £182k and have 56k deposit, my husband earns 32k with excellent credit rating, I am self employed earning nominal amount with good credit rating. So worried that will not be enough now.

This is all so stressful!!

Dave_Ham

Based on your information, a mortgage should be easily achievable and I personally feel you could get better terms than last time with Principality...

Your broker has your information and can apply so fingers crossed you can make it happen quickly and pain free this time..

Good luck

ginwithlime

Dave... we used L&C and they were recommended so thought they had found the best deal. Did see better rates online but thought using a broker would be easier and quicker and maybe find us a good deal.

We got 5yr fix at 3.89 % and they are now saying will be more in the region of 4.4 %

Do you think we should stick with L&C or maybe apply directly to someone?

Dave_Ham

That was probably in the top tier of commission paying deals at 5 years fixed.

Not in the office and therefore cannot check our sourcing system to verify, although to be honest I don't have enough information for it to be appropriate to name drop lenders that may be better.

There will certainly be better than their current offering of 4.4% though..

You do not see loads of people moaning about L&C to be honest, although when going to a national, big player you always run the risk as the company only being as good as the person who picks up the phone and personally rather face to face..

Give them a shot and then check yourself and see if you can do better...

Better luck this time...

ACG

Ive recommended principality this week, theyre not the cheapest as such but my clients wanted a fixed rate, they were the 3rd best fixed rate but they were the only one prepared to offer the amount they needed.