New build mortgage rejection

First_timer_newbie

Fingers crossed for you Anzhelka! That's terrible you lost your last home. I'm really worried about the same happening to us because there is a tight deadline on the new build. So far the builders have been very understanding so I just hope we can get sorted soon.

Anzhelka

Have you applied through another lender now? we are buying new build as well...
We lost that property but we didn't have to move from our rented house that time, but now our landlord is selling our rented property , so we have to move by 27th of May and we really hope that we won't need to be looking urgently for another house to rent, as we have 2 kids and the process of moving from house to house is really difficult...

First_timer_newbie

We are in the same boat and also need to be out of our flat by the end of May. I'm just waiting on banks to open so I can call as many as possible to talk to them.

Anzhelka

so why you have to ring them, not your advisor? we are expecting to get some answers today, as our advisor was on holiday but he is back today and said that he will chase Leeds, as valuation has to be done by this time and they hopefully checked us as well. Personally I don't see any reason why they could reject us, however there's always possibility of that and that makes me really panic...

First_timer_newbie

I'm just going to ring banks to see what other options are out there rather than just rely on the advisor. I just want to feel like I've covered all options before we talk to him again so that we can move quickly. The pressure is incredible. I hope you hear back soon.

Anzhelka

in which part of UK you are buying?
our advisor said that some mortgage options he has available are not available if you want to apply directly to the lender. and also not all mortgage advisors have all lender available. our previous broker was absolutely rubbish...I am not scared of this word, she was so rude, even made me cry, as she was shouting on me like crazy....I will probably write some useful reviews about her later on...

First_timer_newbie

That's awful! We are in the north of Scotland. Our advisor has been fine but the whole rejection process has really held things up. Let us know how you get on today. Fingers crossed you get good news.

Anzhelka

Thanks for your support, I am hoping to get an update today....but you never know how quick they are with valuation and credit check.
So you didn't even get to valuation process ? we had valuation done that time and after that it was rejected by the postcode limits, so that was even more surprising to us, as I thought why they have done valuation if they wouldn't issue mortgage in that area....because it takes time and money wasted as well...

First_timer_newbie

Didn't get past out application landing on their desk! Rejected outright due to postcode.

kimbyanne

It didn't happen to us, but on the new build development we purchased our S/O house on a couple of years ago, Leeds refused to lend on the last three houses (out of eleven houses) due to "over exposure" meaning that many people weren't able to purchase the houses as a) there aren't many S/O lenders about and b) Leeds was the only one who accepted a 5% deposit.

I think in the end the criteria to buy one of the S/O houses had to be adjusted (not so strict on who could apply to buy) as they couldn't sell the remaining ones to the "target audience" of younger first time buyers. Made a bit of a joke out of it, as the last three bedroom was purchased by a retired couple.........