100% retention on a house!

zeegirl

post removed no longer required

kingstreet

Until the surveyor visits the property to value it and establish if it's suitable security for the mortgage, the lender doesn't know the property condition and cannot therefore say if it will lend or not.

Your financial status means you qualify for a mortgage but that does not replace the lender's need to make sure the property is readily saleable in the event of repossession.

If you were my client and you told me your prospective purchase had no kitchen or bathroom, I'd advise you it was unmortgageable in its present condition.

Finally, BTL lenders want a property in "readily-lettable" condition, so it's possible even with a kitchen and bathroom they would not be prepared to lend on it.

zeegirl

My advisor had not once mention that there would be a problem with the mortgage due to my income and even encourage me to proceed as fast as possible as it was a very good investment. In this case was i being mis-led and in my right to complain

harvey115

Was this an Estate Agent recommended advisor?

zeegirl

yes he was really helpful at first but then towards the end i kept having to ring him and ask him for updates

kingstreet

zeegirl wrote: »

My advisor had not once mention that there would be a problem with the mortgage due to my income and even encourage me to proceed as fast as possible as it was a very good investment. In this case was i being mis-led and in my right to complain

Let me try to make this clearer.

The mortgage issue is nothing to do with your income.

YOU are mortgageable. Your chosen property isn't.

Until the surveyor visited the property to carry out the mortgage report and valuation, no-one was aware the property was unmortgageable if YOU did not tell THEM.

I suggest you find a property which is in a mortgageable condition and proceed from there.

zeegirl

I dont think you are clear on my situation! i'm very clear on the matter now and understand the processes. My issue is that my advisor had not mention ANY of this at the time of dealing and told me it was fine, and he had all the photos and documentation of the property as he was an advisor from the estate agent that was dealing with the property. He even had the photos with him on our first meeting as we were joking about the decor. If i had been fully informed of these matters, ie retention, house condition, i may not have continued with the sale. It was made out to be a smooth easy process which has been far from that. Hard lessons learnt but did i need to learn it myself or should have i been told about this is the QUESTION im asking?!

DannyboyMidlands

So your question is who should be most responsible for your silly investment plans:

a. You?
b. Some chief in an estate agents office?

Personally I think that you should have researched and informed yourself. Take some responsibility.

kingstreet

It was not clear from your earlier posts that you or your adviser knew of the condition of the property at the outset and that it was likely to be a problem. Unfortunately, the information you receive on here depends on the information you put in.

So, the adviser was aware of the condition of the property and advised you to proceed with an application to a particular lender?

Did you receive an "advice and recommendation" service? Were you receiving an independent (fee paying) whole market (commission) or panel/single tie service from the adviser? See the adviser's Initial Disclosure Document for details. Do you have a suitability letter explaining why this mortgage/lender best suited your needs?

_Andy_

zeegirl wrote: »

I dont think you are clear on my situation! i'm very clear on the matter now and understand the processes. My issue is that my advisor had not mention ANY of this at the time of dealing and told me it was fine, and he had all the photos and documentation of the property as he was an advisor from the estate agent that was dealing with the property. He even had the photos with him on our first meeting as we were joking about the decor. If i had been fully informed of these matters, ie retention, house condition, i may not have continued with the sale. It was made out to be a smooth easy process which has been far from that. Hard lessons learnt but did i need to learn it myself or should have i been told about this is the QUESTION im asking?!

Why are you being so rude?

You've come on here to ask questions and for help.

People have answered them and have tried to help you.

Jeez.

zeegirl

ive re-read my post and apologise if that did come across rude, but it was to re-instate my point and im very upset and frustrated. Maybe i was abit naive and silly in trusting all the information given which is the vibe im getting from people. My problem is that if my advisors cant give trust-worthy and accurate advice and i end-up losing hard-earned cash shouldnt i get a say in this and maybe prevent it from happening again. i can guarentee u i wont be doing this again but what about the next people?