Ftb

Dave_Ham

splicecom wrote: »

Worth keeping YBS in mind - £295 fee and 4.79% - 2 year fixed 10% dep

Yeah, great product - totally inappropriate for the OP though given the circumstances so far. If Natwest and Halifax cannot fulfil, YBS definitely will not..

So that is what you could have won...!

MattJ_2

MattJ wrote: »

Scared now! IFA cannot get the 90% LTV Deals from RBS or Natwest so he has reccomended we go alone!

With the offer accepted we need to get this sorted asap and find a new solicitor fast!

Meant to add, we can get the 90% direct with no fees the banks but through the IFA those two banks only offer upto 85% LTV

Borrowing 98 000 over 30 years

I earn 22489 annual with annual increments off between 900 and 1000
Partner only 2681 basic inc benefits which Rbs and Natwest will accept.

Other money coming in such as termly contracts, student loans, bursaries etc.

Outgoing is car Pcp at 223 pm and one finance deal at 50 a month ending within the next few months.

The above two banks know all this and say they will lend us money but will we get shot down when we actually apply? have we been misled or is this actually possible?

Dave_Ham

Its hard to determine to be honest as RBS/Natwest have been changing products, criteria and process all round the place... and obviously don't have full sight of the credit files.

Shame on your broker - from what you have said, should be straightforward getting you the mortgage you need...

I wish you well...

MattJ_2

Fingers crossed all sorted

Was expecting application pack in the post on Wed morning after 3 hours in the bank on Tuesday!! Still not arrived so fingers crossed for Sat!

MattJ_2

And back to earth with a bump!

All was fine, passed all credit checks, lending criteria etc etc and received the offer subject to valuation - which took place yesterday.

Just had the phone call from RBS Mortgages stating that the valuation came back spot on our purchase price which is great.. but the valuer has said the house was built in approx 2006.

Because of this, we need to either prove the house was built before 1st Jan 2006 or find 20% deposit instead of 10% because apparently anything built from Jan 2006 is classed as "New" and required 20% deposit.

Finding 20% deposit is unlikely and I doubt we can prove it was built in 2005 so looks like a no go which is devastating news!

My question though, are we able to fight to get fees back from the valuation and/or solicitors fees as this was not discussed with us? I am shocked that anything in the last 6 years is 'new' ! !

betmunch

Who have you told when the house was built?

If you told your IFA, who subsiquently told you to go to RBS then he is at fault.

If you told the guy in the bank then he is at fault, although you will likely have a non-advised service so will have to take responsibilty for not knowing the criteria on yourself

If you havent told anyone when the house was built, or you didnt know yourself, then no-one is at fault and its just a fact that the surveyor has pointed out which has affected RBS decision to lend to you on that property.

MattJ_2

I have told nobody when the house was built as I don't know when it was built. The estate agents didnt know either.

The surveyor again doesn't know when it was built he just guessed at 2006.

My solicitors again do not know.

betmunch

Then there is no blame I'm afraid, its just one of those things that comes out in the wash.
You need to concentrate your efforts of proving when the property was built, and hope its pre-2006.

I remember almost falling foul of this in 2009, I find it shocking its not x years before the application, but thats the way things are right now

MattJ_2

Yea, if it was 6 years before now I would be okay !

Jan 2006 is nearly 6 and a half years ago and clearly not "NEW" - had two owners since then!

gazfocus

Have a look on Right move at the sold prices for the house you want to buy (http://www.rightmove.co.uk/house-prices.html) Go back as far as you can (in the 'sold in' drop down choose 'All years'). Find the house you are buying and when the house was sold as a new build it will say 'New Build'.

Let us know how you get on