Mortgage advice desperately needed

Lee35

Yes there are reasons behind why we are doing this I'm just baffled by the squatters rights reason.

She has also just sent this:
the lender that has agreed the case is Natwest - they do do underwriting first so it would still be a few days before the survey would be booked in. but I will deal with blackstones. they have said 3 working days from when all documents are received. they would only do a max term of 20 years not 25 years as this is their criteria for all cases with them, so your monthly payment would be £819 instead of £684 which the Santander one was, which may seem like a big jump but between 4 of you ( its £33 each) which in the long run will save you £41,040 as you are not extending the term. the survey would be £248 for a basic survey. you can upgrade if you wish. its a rate of 2.19%.

Dave_Ham

Your broker may have got lucky..

Santander were never going to accept this scenario and not what three quarters of that list.

Natwest are friendlier to this scenario, age so term of mortgage and overtime so fingers crossed there is nothing else missed in the detail.

They are a nightmare at the moment though so underwriting unlikely to be prompt.

Off now, best of luck

Lee35

Many thanks for all your help and advice

Thrugelmir

Lee35 wrote: »

I'm just baffled by the squatters rights reason.

The deposit is coming from joint funds, i.e. your mother and step dad. Although your mother is not party to the mortgage nor named on the title of the property. In the event that the lender seek repossession. Your mother has a financial interest in the property. A judge may well decline the the lenders claim to repossess the property thereby allowing your mother to remain in situ.