Please please help - mortgage at standstill?

princessg_3

Hi all,
apologies for my lack of knowledge and understanding but i am at the end of my tether. I have been tearing my hair out and don't know where to turn.

My fiance and I are both 21 and have sought the advice of a financial advisor with view to getting us a mortgage. We are buying a property (from a family member) for £63,000 and are getting and extra £15k to renovate the property.
Northern Rock have provided our offer in principal.
The thing is, the vendor is telling us that he has got to put the house back on the market because our mortgage is taking too long and he has a new property with the mortgage ready and waiting.
To be fair, we have been waiting and waiting with no joy. We can NEVER get hold of our IFA (i'm not exaggerating) he is never there and never returns calls. 3 months have lapsed and after a very curt email today telling him what was happening he called to tell us there are problems with my employment status.

My fiance is a civil servant, permanent and i was recently for the past 3 years. However i left civil service and am now working temporarily (through an agency) for local government.
Northern Rock want some proof that i will remain employed but the local government department, and the agency both say they cannot provide this. The best the agency can offer is a mortgage reference to say that this is an ongoing temp post and should it come to an end i would be employed elsewhere.
We were supposed to be called back today at 5 from IFA to confirm if this was satisfactory but yet another day passes with another promised phone call that does not materialise.

I am so fed up it has brought on a period of ill health due to the stress of it all. The vendor (fiance's cousin) is putting increasing pressure on us (daily phonecalls) and threatening to put house on market because our mortgage is at a standstill and we can never ever speak to IFA.

What are my options? Do my fiance and I go elsewhere? We are about ready to knock on every building society's door until we get a mortgage?
Should my fiance go it alone and get the mortgage solely on his name?
Any help is greatly appreciated.
This is putting our relationship and my health under immense strain.

Thanks in advance.

JoeK_3

The answers that you are looking are not straight forward as you have not posted each of your incomes.

If you are not happy with your advisers service standards, you can change your mortgage adviser at anytime by writting to Nothern Rock and appointing someone else.

Post your incomes please.

JoeK

princessg_3

My partner earns £14,500 pa and my income works out about £12,500 at present as i had to take a big drop in pay and temp position to follow the career of my choice.

dwight-van-man

Your temp contract probably will be a major stumbling block for NR - generally they wont accept temp contracts at all. Ideally any contract would be fixed term, either for a year plus or shorter if there was a track record of the contract being renewed. The problem with temping from an underwriters perspective is that regardless of how long you have been with the same company, the contract is only really good for the last day you've worked. I doubt that NR will take your income into account at all while you're temping.

I would do two things tomorrow. First, phone NR yourself to find out what the status of your application is. You'll be able to find out what dates information was requested from or passed to your broker as well as what the actual requirements are. Second, find a new broker, you owe this guy nothing.

FRUGAL_4

Hi,

Firstly get a new IFA, we had exactly the same problems with our IFA, my OH was on contract work and it took 4 months to sort out my current mortgage, we lost our first choice of house because our IFA wouldn't pull his finger out. When we were looking for a mortgage, there are not many high streets bank that will lend to people on contract work without 6 months behind them and written confirmation that you have at least 6 months of work ahead of you, we used a company called GMAC but you have to go through a IFA for there mortgage.

I have recently re-mortgage my home with a company MSE Martin recommends London & Country, they are very efficient and they also deal with people on contract work and no fees.

quote from MSE Martin Mortgage guide:

The guide is sponsored by fees-free mortgage broker London & Country, but don't worry, it has had nothing to do with the content, that purely depends on my view of the best way to save money while remortgaging. The guide is written with complete editorial independence and purely focused on finding you the best deal. This was something I made sure was in the contract with London & Country.


Having said that L&C isn't stupid. I've been independently recommending it for the last three years (see my Sneakily Get The Best Mortgage Broker article) so it had a pretty good idea it wouldn't come out too badly.



heres the website http://www.lcplc.co.uk/

I can't recommend them enough.

I hope you get it sorted quickly,

FRUGAL

princessg_3

Thank you for your help so far.
Not sure if i made this clear above, as i just started ranting and my fingers ran away with themselves in the heat of the moment, but we are looking for a 125% mortgage.
I don't know much about these but i do know they arent widely available.
Do GMAC do these?
I know my parents have a mortgage with GMAC and they are happy.

I have a (second) interview on thursday for a permanent job with salary of £17k - been told its highly unlikely I won't get this job but I don't think vendor will wait this long for us to re submit the new interview.

Am starting to wonder why I gave up renting!!!

FRUGAL_4

Princessg PM (Private Message) me and I will give you the direct phone number of the Guy who was very helpful at London and Country, he said they could arrange a mortgage within 2-3 weeks if needed, I can't recommend them enough and if Martin says they are good enough that's good enough for me, they are Financial Advisors and they search the whole of market, they kept me up to date all the way, unlike my previous IFA.

If you are not sure how to PM, click on my name in blue capitals and there you will find several options and PM is one of them.

As regards to Northern Rock phone them first thing in the morning to find out the status of your mortgage application, and also check if you decide not to use your IFA that he won't charge you any fees for any work done upto now, he shouldn't if he isn't doing his job properly, but check first, he should of given you a FACT sheet detailing charges or is it commission only? Either way check the small print.

FRUGAL

tightwadman

DONT bother with an IFA and go straight to a NEW building society and deal direct with an advisor.Cut out a parasite. I have never been asked to prove my job status but have been asked to provide the last three months wage slips which you should be able to do and maybe a P60. How would anyone know you worked part time/ temp / contract unless you told them? The Building Society are taking no big risk - after all if you cannot pay your mortgage they will take your house off you! And likely sell it on for more than you pay for it too!

Good luck

Be a little more creative and you should get your mortgage

dwight-van-man

tightwadman wrote: »

DONT bother with an IFA and go straight to a NEW building society and deal direct with an advisor.Cut out a parasite. I have never been asked to prove my job status but have been asked to provide the last three months wage slips which you should be able to do and maybe a P60. How would anyone know you worked part time/ temp / contract unless you told them? The Building Society are taking no big risk - after all if you cannot pay your mortgage they will take your house off you! And likely sell it on for more than you pay for it too!

Good luck

Be a little more creative and you should get your mortgage

Great plan - commiting mortgage fraud will make things soooo much better....

FRUGAL_4

tightwadman wrote: »

DONT bother with an IFA and go straight to a NEW building society and deal direct with an advisor.Cut out a parasite. I have never been asked to prove my job status but have been asked to provide the last three months wage slips which you should be able to do and maybe a P60. How would anyone know you worked part time/ temp / contract unless you told them? The Building Society are taking no big risk - after all if you cannot pay your mortgage they will take your house off you! And likely sell it on for more than you pay for it too!

Good luck

Be a little more creative and you should get your mortgage

You are not serious? OP do not take this posters advice, the building society or any other high street lender will probably not lend to you being on a contract or in temp employment unless you have written confirmation of a fixed term of work ahead of you, and they will know by your payslips from the temp agency that you are in temporary/contract work. You need to speak to your existing IFA or get another one, do not do as tightwadman said in his post.

Do not lie/or try to mislead them about your income to your building society or bank, you will be committing fraud.