Seek help desperately!! Please help me!!

benz52

Hi everyone,

I'm in a very tight situation. I recently made an application via a broker for a mortgage with A&L and was told after 20 days that I'm being refused because I do not have permanent right to reside and I'm not a EU citizen as well. There are two other lenders which are ready to take me considering my current residency, which are the Bank of Scotland & Birmingham Mid Shires. Both are offering a similar package, but I want to know which lender is less fuss and quick with the offer. It's already 20 days since I've made my offer and I'm sure once the searches are back, the vendor (newly built house) will start pushing for an exchange, which is actually due only in the next 3 days. I can delay it by another week or so, but all the advice is appreciated.

Thanks & god bless for at least reading my post. Hope you can reply.

Cheers

Cazza

Hi benz52! Need a little more info I'm afraid! Whereabouts are you from and what residency rights do you have? Is this for a buy to let or residential mortgage? How much are you looking to borrow and what is the purchase price??

herbiesjp

Your residence is important here

Things like your nationality, when you first entered the UK and how long you have got left on your current visa


In terms of speed, both the lenders you mention are pretty quick - are you 100% certain that you meet the criteria asyou do not want the same problems that you had with A&L

benz52

Sorry about not providing this information earlier. I came here in June 2003 with HSMP (1 year), was granted a further 3 years residence, and have been granted another 3 years last week. I could have applied for indefinite this may, but as the home office changed the rules, I can now apply for it next may. All in all, I'm working here, run my own company, also have a house in London which I'm going to let (current mortgage with HSBC who do not do self cert), married, 3 kids, partner, car and all other set things in life. And btw, we are from India.

About the house, it is priced around 250k, i've got 50k and will be borrowing 200k. Just down to which lender will be really speedy with the offer.

Cheers

herbiesjp

Surprised with A&L as I've places numerous non EU cases with them - maybe the combination with self cert puts a spanner in the works.

Do you not have any accounts? How long have you been self employed?

benz52

i've got some overseas investments that I left in India which are fetching me some good return. I cannot really prove that income as there are no accounts, me being a non-resident of India.

Anyway, the BM broker just called me and said that BM carry out most (ID) work electronically and will generally come up with an offer within a week. Seems like he has had BM run a credit check for me which I have passed. He also gave me an example of a case where the application to offer time was only 2-3 days.

The BoS broker seems to be a bit slow, is asking for proof of income in the UK, ID documents (which I'm sure are important to most lenders) and is not willing to give me any estimate on how soon the mortgage will be agreed in principle.

Any ideas?

Thanks

herbiesjp

BoS AIP can be given in 30 mins

Do you have any UK income?

MortgageMamma

BOS are a great lender and BM are part of the same group. as an adviser if I had to choose from the two it would be BOS based on excellent service. They really are superb. BM are not far behind though. There are plenty of other lenders who would consider this, northern rock would, but let your broker do their job, I cannot understand why they have put two products in front of you and asked you to choose you should only really ever be recommended one product

benz52

I'm being given two different products by two different brokers. The BoS broker is moneybackmortgages which was recommended by this site. Any ideas about how good they are? They were the same people to do my A&L application and wasted over 20 valuable days.

Cheers

benz52

Right guys,

Just one last question, is it realistically possible to get an offer within a week? MoneyBackMortgages are sticking to 2-3 weeks, but the BM broker is stressing only on one week.

Cheers

Conrad

BM Solutions often decline cases where applicant is non EU resident. Anyone promising a week is a deluded fool or worse. Its possible but also just as likely to take many weeks. Dont forget your Solicitor will also need to see your passport so I hope the broker has not filled in the online mortgage application inserting you as a UK citizen.

Hope you dont expect these people to do a thorough job without paying them up front. 'Free' normally costs in one way or another.