2 Mortgage offers then declined!

rvts

Hi

I wonder if anyone has advice for me as to what i can do?
I have been in the process of buying a shared ownership house (75%/25%)since January. I have been living in temporary accomodation since then (as a lodger), which was only until 18th of May! (Plenty of time you would think?!)

I went through a mortgage advisor and all was going swimmingly, I had the valuation and mortgage offer within a couple of weeks. Which left me to chase the Solicitors on all the other problems which arose! Thinking the mortgage side of things were all sorted!

About a month ago i got a call from mortgage advisor saying that the mortgage lender had not realised that this was a shared ownership scheme purchase and they thought the remainding 25% was a deposit from myself! My advisor corrected them on this but they now insisted on more bank and wage slips etc! (A little inconvenience, but i dropped them off the next day) I was then assured that all was now ok! And i didnt pursue it much more, as there were still things being chased up by the solicitor.

All the solicitors side of things were now almost complete, when i got another call from my mortgage advisor. She advised me that the lender had now only just re-checked the "file" and as this was a shared ownership purchase they could only lend me 97% of the 75%! (about 3k!). I did not have this money available but managed to get the money together from family and went back to the advisor and said i had the deposit, and so does that mean that they would continue with the offer?! (Increasingly worrying that i would have to leave my temporary accommodation within 2 weeks)

Yesterday, I got a phonecall from my mortgage advisor again, informing me that because the lender had made a mistake on the 2 previous offers then ther mortgage offer had now been refused due to multiple credit checks!!!

To cut a long storty short............ha (sorry, i either laugh or cry at the mo)

The lender has offered to remove two previous credit checks and say they will put the offer through again! Although due to all the problems i have experienced and the fact i will be homeless as of Friday (along with my son). I have had to go out and get some rented accomodation (minimum 6months tenancy) Which means i am going to lose the house i was purchasing, and all the wasted money on mortgage fees and solicitors!

I have not yet signed or given bond over to the rented accomodation (doing that Friday), so if anyone has any solution that i have not thought of then please let me know! Failing that, do you think i would have a leg to stand on to re-coup any of the money that i have paid out?!

Thanks for any help

MortgageMamma

Hi

Sounds like a horrendous experience for you. Who is your mortgage lender? How can they fail to recognise it was shared ownership if its stated on the application form and the HA is noted on there? What about when they went to do the valuation? Have you actually seena copy of the application that was sent to your lender? If not, I'd suggest you request a copy from your adviser and see if you can identify where the lender went wrong.

Following that, if everything is evidenced correctly on the application form I would consider making a written complaint to the lender.

Most importantly your accomodation situation now needs addressing. You need to get an estimated completion date from your solicitor and try to arrange to remain in your current accomodation. Try not to commit to a 6 month lease on a property if you can help it, it could be worthwhile putting all your stuff into storage (you can do this from about £20 a week) and moving in with a friend or some family until you complete