lend a hand

flybynight

mostly just here to vent
I went to see Lloyds about their local lend a hand mortgage and they gave me a mortgage promise / agreement in principle for way more than we needed.
perfect
found a flat we really liked and put an offer in and had it accepted ( everybodys advice that I should just go for it worked). should have realised at this point it was all too good to be true. went back to Lloyds who said " local authority are out of money" we cant dot he actual application" . they have since negotiated that the council are going to give them another lot of funding, however since getting the council to say yes, there is apparently nothing else they can do to speed the process up and we are just waiting on the council to put it in place.
I am now searching for another 5% deposit mortgage ( most of which are nowhere near the interest rate Lloyds was) and hoping Lloyds sort their life out. I am keeping the seller in the loop, but its really frustrating. don't suppose anybody else has been in a similar situation and hs some advice / a magic wand?

wannahouse

is the council stumping up the rest of the deposit for the "lend a hand scheme"?

flybynight

kind of, its one of these indemnity things where they put it in the savings and after 2 years get it back.
just realised I posted this thread twice, once in here and once in the mortgage board

Helix

I have just gone for this mortgage and I when I got my mortgage in principle I was warned I needed to be quick as they didn't know how long the local authority funding would last. Luckily I completed my full application this week and the funding is now secured for my mortgage.

To be fair to Lloyds I don't really think it is their fault although they should have explained it to you about their only being a certain amount of funding available.

flybynight

yeh, its not their fault. aparantly though, they now have more funding its a case of waiting for tito be useable.