Lloyds TSB mortgage promise

steve_c29

My partner and i are first time buyers, i have banked with Lloyds since i was 16 (29 now) we went to a few banks to get some advice on a mortgage and were told by a few that we needed at least 10% as a deposit to start with, with that in mind we went into our local Lloyds branch to see a mortgage advisor, i am in full time employment in the motor trade, however my partner is on a fixed term contract with the county council however she has since been offered a fixed term 2 year contract, we explained this situation to the mortgage advisor who told us in confidence that we could both lend and this would not be a problem, we came out of the bank with a mortgage promise of £166000, we were told to take this away, find the property we wanted, put an offer in and if it is accepted, return with the promise and they will process it to get the ball rolling, we went away and have found the perfect house priced at £150,000, we put an offer in for £142,500 which was accepted, we returned to the bank to process the application, they calculated monthly repayments which were well within what we had budgeted for, we again went over the situation with my partners employment and again were assured this would not be a problem and everything would be fine, we went away from the bank and were advised to see a solicitor to get the wheels in motion, we returned to the bank again after sorting this under their advise, only to then be told by the mortgage advisor that our application could not be processed because of my partners current employment status, which we were assured at the time TWICE! would not cause a problem, Lloyds have refused to process the application and we are now in a very awkward situation with solicitors as they want a percentage of all costs to cancel any process which the bank are refusing to cover the cost of, where do we go from here and where do we stand with Lloyds TSB?

Cypherite

What work have the solicitors actually done? You don't appoint solicitors to do any work, usually, until you have the full offer in writing in your possession.

worried_jim

Just go see a mortgage broker, get another mortgage, buy the same house and continue to use the same solicitor.

steve_c29

so far solicitors have taken a deposit to carry out searches on the house, we were told by lloyds at the time that this is what we needed to do to get the ball rolling, if we knew they were going to say no we would never have bothered to put an offer in, in the first place, this was all advise from the bank, not from our own doing.

GolfFoxtrot

Find a good broker and which will accept the fixed term contract and there shouldn't be a problem with your house purchase. Mortgages on fixed term contracts are possible

MLSY

dont panic steve there are other lenders out there

see a mortgage broker first and get advice before cancelling everything