Way forward after house purchase falling through - mortgage application

Neese

We recently had a house purchase fall through. We used a broker linked to the estate agent, which I have now read probably wasn't the best decision. We did this thinking things would be smoother and faster. The purchase fell through due to it not having NBHC or equivalent so abbey wouldn't lend on it, although our application had been approved. We are first time buyers and we were told by abbey they were happy to lend to us, just not on that property.

I'm wondering what would be best for us now we are looking again. Should we stick with the advisor we had? We weren't satisfied with how thing had been dealt with by him or abbey, but after reading another post I'm now concerned that this migh have an adverse effect if we used a different broker and started from scratch.

Thrugelmir

The issue was the property not the broker. Seems as if you meet lenders criteria. So you know what you are able to borrow.

I would therefore start looking for a new property. Worry about the mortgage later.

Neese

We've started looking again and are arranging viewings. I want to make sure we are in a strong position when we are ready to put in an offer. I know there were a lot of issues with the property which made the mortgage application drag on for nearly 4 months. I'm considering approaching another broker, one not linked to an estate agent, but don't want this to affect credit ratings, or look bad on another application. I might have been the situation, but I don't feel like trusting the last broker or abbey again. I'm not sure which is best for us.

ethank

This was an emotional thing, you've had your heart set on a home which did not go through. What could the broker or Abbey done better?

Brokers and Lenders are business people first. Try not to take everything personally. The path to your home is full of ups and downs!

ethank

Our first house fell through and we had go to the mortgage offer stage with Nationwide. We found another house and used same broker and lender. I found that the next house our offer was turned around within 2 hours of the valuation - our previous offer was for a higher amount.

Neese

ethank wrote: »

This was an emotional thing, you've had your heart set on a home which did not go through. What could the broker or Abbey done better?

Brokers and Lenders are business people first. Try not to take everything personally. The path to your home is full of ups and downs!

That's partly what I'm struggling with - what to expect from them. There were multiple mistakes from both the broker and abbey. I wouldn't recommend them to anyone else.

amnblog

If you find a new property quickly it will be fairly simple for Abbey to swop the application to the new property, sort the valuation, and issue your offer.

Sounds like you have already been through the aggravation once - no need to go through it all again.

Incidentally - every time one of our clients loses the first property, the next one is ALWAYS a better deal.

ethank

amnblog wrote: »

If you find a new property quickly it will be fairly simple for Abbey to swop the application to the new property, sort the valuation, and issue your offer.

Sounds like you have already been through the aggravation once - no need to go through it all again.

Incidentally - every time one of our clients loses the first property, the next one is ALWAYS a better deal.

So true amnblog! The house we lost was a massive difference! We're £90 a month better off! I can keep buying wine!

Neese

The ones we are now looking at are slightly more expensive, but you get a lot more house for a little extra money.