New mortgage - utter shambles

poppajohn

dgtazzman wrote: »

Having been down this road in the last year.

Nationwide mortgage. House should have been completed November 2015, now legal completion is set for second half of July 2016. Nationwide mortgage offer was valid till March, I reapplied, was initially (verbally) given an offer by Nationwide, but said offer never arrived in the post. Upon contacting them to ask where the offer was, my MA was told they had changed their lending criteria and I was now excluded as my income isn't paid in Sterling, so they had withdrawn the offer they had verbally agreed to issue. Just saying getting a new offer isn't a guarantee because they accepted you the first time round.

Luckily I secured a mortgage elsewhere now and the developer agreed in writing that if I was unable to secure a new mortgage offer, they would let me pull out without penalty.

Applying for another mortgage shouldn't hurt you too much. It will give you another search on your credit reports, but 1 or 2 extra searches are very unlikely to have any consequences. I submitted 3 mortgage applications in a month and one of the lenders actually did 3 searches on the same day, due to a glitch in their computer system, still ended up getting a mortgage offer without issue.

I understand what you're saying about it not being "guaranteed", nothing really is. My main concern is that the builder is reluctant to complete without a mortgage in place that is valid until the build finish date. Not only that, but I need to have some sort of mortgage in place for the help to buy as that is only valid until mid-July.

It would give me massive peace of mind if we were able to get a mortgage covering the entry date plus a few weeks of wiggle room should things take longer if that makes sense.

Thrugelmir

poppajohn wrote: »

Can anyone advise whether I'd simply be able to cancel/reject/decline the Nationwide mortgage then simply re-apply in a months time? Is that a viable option?

How long will the builder wait for exchange of contracts?

poppajohn

Thrugelmir wrote: »

How long will the builder wait for exchange of contracts?

They wanted to exchange contracts at the beginning of May :eek:

Help to buy has afforded us some time as they understand that process takes time, but have been advised the help to buy offer ends mid-July so they want it finalised by then...

mbnarayn

Hi poppajohn,

How are you getting on? I am in exactly the same situation with Nationwide.

Many thanks