shall i try a new mortgage or risk present one?

melysion

I'm beginning to think I live on this forum.

Trying to find a mortgage for a 1 bedroom ex-local authority maisonette (building 4 storeys). My broker suggested Nottingham Building Society. Initial application went in today. Not heard back yet but I've since read that the leader wont accept ex-local authority.

I wrote him an email to tell him this and he wrote back saying:

"That is their stance in writing but, I do know it is subject to valuers comments and they can consider them.

I can give you some alternatives but upfront costs could be higher".

If I'm accepted, do I risk going though with this or find another mortgage? At this point in time I'm a little worried about my credit score as well as this will be my second mortgage search and I've recently taken out a new mobile phone contract.

As an aside - cant be that difficult to find a lender that accepts ex-local authority places can it?

ACG

If the application has gone in, then the credit score has been done.

You may as well just stick with it and see how it goes now. If it fails then you can look elsewhere.

melysion

Yeah I guess so - its a nice rate mortgage. Just dont want to lose the flat - like it so much already

GMS

Is there a valuation fee to pay? If so you are risking this, especially if their published criteria states not acceptable. Every property will be subject to valuers comments.

I would call the lender directly and ask if it is possible before paying any fees you will not get back.

melysion

Theres a mortgage fee of £999. £199 up front then the rest added to the loan. The valuation is included as part of that £999. I'm going to talk to my broker in the morning - I do know there are more ex-local authority friendly mortgages out there. Just frustrated that I've had a credit search wasted as it were.

Urgh

melysion

Sorted it in the end. Got a mortgage offer from a lender happy to accept ex-local authority flats. Phew. It was a bit intense for a while there though!