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Last chance - Mortgage Packager
Mortgagesufferer
Posts: 12 Forumite
Hi all,
I had an offer from the council to purchase my flat under the right to buy (100K discount) however I live in an 8 storey block and there are only 6 flat sold in 32. Every single high street bank and other lenders refused to lend on the basis that there is a low ratio of owner occupiers and it is a high raise building so I was devastated. I finally gave up even though my credit scoring was excellent and I fulfilled all other lending criteria.
However one mortgage adviser (who had previously told me that there was no hope) came back to me saying that there is a mortgage packager who is willing to lend the money. They have seen the valuation report from Abbey stating that the issues are low ratio owner occupiers and high raise building but had still told the adviser that they could lend. He said that they have lent in the similar properties in the past.
Now I need to ask the council to make me another offer which could be slightly higher however this is not an issue as I have the money for the shortfall. This time I am paying an application fee and the valuation report myself, but even these do not matter if I get the mortgage. With the crazy increase in the prices I am absolutely certain that if I cannot buy it now I will never be in a position to buy again!!
I have sent all the documents to the adviser and I am just waiting for the underwriter's decision. If the underwriter grants the pre-valuation certificate, since the mortgage packager is aware of the issues with the flat do you think they could still refuse the mortgage on the same grounds (low ration + high raise)?! By the way the flat is in a prime location in central London.
I'm sorry for the long message but I have been so devastated the first time round that I cannot believe now I might still have a chance. Please let me know your thoughts.
Many thanks,
M
I had an offer from the council to purchase my flat under the right to buy (100K discount) however I live in an 8 storey block and there are only 6 flat sold in 32. Every single high street bank and other lenders refused to lend on the basis that there is a low ratio of owner occupiers and it is a high raise building so I was devastated. I finally gave up even though my credit scoring was excellent and I fulfilled all other lending criteria.
However one mortgage adviser (who had previously told me that there was no hope) came back to me saying that there is a mortgage packager who is willing to lend the money. They have seen the valuation report from Abbey stating that the issues are low ratio owner occupiers and high raise building but had still told the adviser that they could lend. He said that they have lent in the similar properties in the past.
Now I need to ask the council to make me another offer which could be slightly higher however this is not an issue as I have the money for the shortfall. This time I am paying an application fee and the valuation report myself, but even these do not matter if I get the mortgage. With the crazy increase in the prices I am absolutely certain that if I cannot buy it now I will never be in a position to buy again!!
I have sent all the documents to the adviser and I am just waiting for the underwriter's decision. If the underwriter grants the pre-valuation certificate, since the mortgage packager is aware of the issues with the flat do you think they could still refuse the mortgage on the same grounds (low ration + high raise)?! By the way the flat is in a prime location in central London.
I'm sorry for the long message but I have been so devastated the first time round that I cannot believe now I might still have a chance. Please let me know your thoughts.
Many thanks,
M
0
Comments
-
You already posted the same question here - https://forums.moneysavingexpert.com/discussion/4897620=
Berst keeping it on one place so you get to see all the answers.0 -
Yes, sorry I didn't realise my first had been successful!!0
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