Mortgage Offer withdrawn due to Travellors site

GMS

TrickyDicky101 wrote: »

If Abbey is sending a revised valuation (per OP post #6) then presumably they do still consider it mortgageable.

Not necessarily. They could have valued it at zero for mortgage purposes.

The offer has been withdrawn, not revised.

shakeitright

Have Abbey put it in writing the exact reason why they have withdrawn the offer?

SG27

Doogie1972 wrote: »

Maybe I'm being naive here but surely I'm not the only person willing to live near a traveller site? The site itself will be owner occupied not a council run one. Similar sites nearby have settled in with no trouble and according to local estate agents property prices generally bounce back once the site is established (we checked). As a wheelchair user my property needs are pretty specific and I happen to live in an area with very few bungalows - even fewer family sized ones. Looking for an alternative property is not really an option. There are literally no other suitable bungalows up for sale in the area I want to live. It's either this bungalow next to travellers or not to move at all. Does anyone out there live next to travellers - and if so did you have trouble getting a mortgage?

Well I used to live quite near to one site with another in the same town both owner occupied and I can say with absolute certainty I would never by a house in the same road or even the same town again, no matter the price. I value mine and my family's safety and well being too much. I realise I'm tarring all with the same brush here but after the experiences I had I would never ever take that risk.

I feel sorry for the poor people who's homes are near such sites and are stuck in virtually unsaleable properties.

Doogie1972

shakeitright wrote: »

Have Abbey put it in writing the exact reason why they have withdrawn the offer?

Yes we have a letter from Abbey. Can't remember the exact wording but basically they say the travellers site will adversely effect future marketability they are not prepared to loan on it. We're a bit confused as if they are not prepared to loan on it at all - what's the point sending a revised valuation? Guess we'll have to wait and see what that says.
Can anyone recommend a lender who is more likely to loan on a more 'risky' property?

Doogie1972

Hello. I just thought I'd put an update ont his thread - just in case anyone else find themselves in a similar situation. So we did ask Santander to reconsider - they confirmed their decision not to offer a mortgage. We never received a revised valuation from them.
So we ending up contacting countless mortgage lenders and another mortgage advisor. In the end the only 2 lenders willing to loan on the property were HSBC and Cheltenham & Glos (changing to TSB). We decided to go with TSB and we have a valuer going out Monday - so fingers crossed all goes through OK and we get our mortgage.
To be honest I'm shocked and dismayed by the amount of prejudice shown towards another minority group throughout this process. Understand some peoples concerns that travellers cause problems - but really you don't vet all your potential new neighbours when you're moving house so I'm shocked this has caused us such an issue. At the end of the day - we are buying a home - to live in we are not looking necessarily for an investment.

amnblog

Be very interested to hear if TSB (C&G) give this the nod.

kingstreet

Off topic, but relevant.

I wonder if C&G being hived off into TSB means they'll be accepting introduced business again, from next year when TSB is supposed to be re-entering the intermediary market?

amnblog

kingstreet wrote: »

Off topic, but relevant.

I wonder if C&G being hived off into TSB means they'll be accepting introduced business again, from next year when TSB is supposed to be re-entering the intermediary market?

If they have a similar attitude to C&G it could be useful but I suspect getting the branch network up and running and getting current account holders will be the priority.

Perhaps they will help us with the bigger earners to get the current and business accounts.

CFC

Doogie1972 wrote: »

Hello. I just thought I'd put an update ont his thread - just in case anyone else find themselves in a similar situation. So we did ask Santander to reconsider - they confirmed their decision not to offer a mortgage. We never received a revised valuation from them.
So we ending up contacting countless mortgage lenders and another mortgage advisor. In the end the only 2 lenders willing to loan on the property were HSBC and Cheltenham & Glos (changing to TSB). We decided to go with TSB and we have a valuer going out Monday - so fingers crossed all goes through OK and we get our mortgage.
To be honest I'm shocked and dismayed by the amount of prejudice shown towards another minority group throughout this process. Understand some peoples concerns that travellers cause problems - but really you don't vet all your potential new neighbours when you're moving house so I'm shocked this has caused us such an issue. At the end of the day - we are buying a home - to live in we are not looking necessarily for an investment.

I'm sorry that you can't understand why the prejudice as you call it is shown - I truly hope that if you go ahead with this purchase you don't have the sad experience of learning exactly why people don't want to live near a traveller's camp.