Just been turned down for Mortgage

Lillys_mum

Just found out we have been turned down for the mortgage we wanted with the Nationwide.
The EA is going to try the Halifax to see what they say but I don't hold out much hope.
Feeling really down now - the house was perfect everything we wanted but we just cant have it.

Are there any lenders known to yourselves who will loan on shared ownership houses?

fistfullofdollars

why did you get turnt down? bad credit?

han2505

Dont worry too much, i went through the same and we are still in the process of buying at the minute.

My partner has bad credit and we were/are buying a new build so went with a independant Mortgage Adviser and we have been placed with First Direct, found that most high-street lenders wont lend you enough if anything at all. We are having to go interest only for 2 years but worked out that we can get more that way and we would have only paid £1500.00 onto the mortgage anyhow so going to give a lump sum of that amount at the end of it.

Dont worry, keep looking and something will (hopefully) come up x

dramaqueen1973

HiyaIts difficult to get a mortgage lender to loan against part ownership, I know I did it 5 years ago.The only lender I could get at the time was preferred mortgages. I know Halifax do but you have to be squeaky clean on your credit file!Hope this helpsClairePs if you need any further advice on part ownership give me a yell!

Lillys_mum

The EA said he didn't know why as they wouldn't tell him.

I know in the past 1998 myself and my ex husband had bad credit but most of that is paid off. I only have 1 thing dating back to then which I am paying off.
An old Comet Time Card account which was passed over to Robinson Way & Co balance is £1538 and I pay £45 per month.

Our income is good. Husband earns £29500, I earn £7000 and we also get £4200 in maintenance from my ex.

outgoings are £900 per month

I just don't see the problem.

We are looking to borrow 95% our share of property is £95000 and we have a £5000 deposit to put down this is for a 50% share of a 3 bed house.

Anyone have any ideas on where to go from here? If we cannot get a mortgage agreed then the EA cannot put us forward for the house and there are loads of other people interested. It is the only shared ownership in the villiage.

dramaqueen1973

Believe me I know what you are going through! We went through hell and back to get our part ownership house. Finally we did but it took loads of backwards and forwards and we were on the verge of losing it and it going to someone else!

Personally I would never ever buy a part ownership house again after what we have been through with this type of buying but each to their own.

Dont worry try preferred mortgages but first see what their rate is because I know some people have had a higher rate from them.

Good luck and keep us updated, it will happen for you Im sure;)

Claire

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Dylanwing

Find a good Mortgage broker, they can usually fix you up with the right lender, normally have good contacts to 'make it happen' if there are some minor difficulties, and often have access to deals not available to the general public. You will probably be placed with a more specialist lender as the High Street Banks tend to avoid anything that is non-standard. Good luck, and keep believing that it will happen!

Lillys_mum

Dylanwing wrote: »

Find a good Mortgage broker, they can usually fix you up with the right lender, normally have good contacts to 'make it happen' if there are some minor difficulties, and often have access to deals not available to the general public. You will probably be placed with a more specialist lender as the High Street Banks tend to avoid anything that is non-standard. Good luck, and keep believing that it will happen!

Where can I find a broker.
Anyone recommend one in Cambridgeshire

Dylanwing

Try Yellow Pages or Yell.com - Or even Google 'Mortgage Broker' and 'Cambridge'. Just had a quick look and a few appeared for Cambridge. Unless you get a recommendation, it can be pot luck, or maybe you know somebody who has recently bought a house who can make a recommendation. Just searched 'Shared Owner Mortgage' and a number of on-line Brokers came up.
This looks to have the useful 'How Much' guides without commiting to a call back, it miht be useful.
http://www.shared-ownership-network.com/casestudies.php

GunJack

Tell you what, try JLM Mortgage brokers. We're just moving out of Huntingdon, and one of their guys, Matt, works out of Harvey Robinson Estate agents in Huntingdon. They also have a head office somewhere slightly further south. The numbers are 01480 454040 for HR, just ask for Matt Hays and his e-mail is [EMAIL="matthays@jlmms.co.uk"]matthays@jlmms.co.uk[/EMAIL], or the head office number is 01462 455655. We got our new mortgage through Matt and he was excellent. If you need any more info, pm me.

Lillys_mum

GunJack wrote: »

Tell you what, try JLM Mortgage brokers. We're just moving out of Huntingdon, and one of their guys, Matt, works out of Harvey Robinson Estate agents in Huntingdon. They also have a head office somewhere slightly further south. The numbers are 01480 454040 for HR, just ask for Matt Hays and his e-mail is [EMAIL="matthays@jlmms.co.uk"]matthays@jlmms.co.uk[/EMAIL], or the head office number is 01462 455655. We got our new mortgage through Matt and he was excellent. If you need any more info, pm me.

Just been to see the above mentioned broker and we are now in possesion of a mortgage offer from the Halifax. :money:

I am so pleased. :j

Thanks for all help offered from everyone especially "GunJack" for your recommendation.