HELP, offer on house accepted and mortgage lender about to pull plug

Whats_my_age_again

Hi,
We have just had our offer on a house accepted, which was an offer subject to survey. We have just had our mortgage advisor on phone (well voicemail) telling us that our agreement in principle with Accord Mortgages will only remain valid until tomorrow at 5pm as they are pulling out of the 100% mortgage market. They were the only lender that the mortgage advisor found that met our requirements - 100% with bad credit.

Now problem is need to get a full application in by 5pm tomorrow but we don't have the valuation of the property and the survey has not been done.

Can we get the agreement without the valuation?

What happens if survey comes back and we are not happy - where would that leave us?

Thanks, from a worried FTB!!!

herbiesjp

You can submit the full application, they will normally want payment for the valuation as well.

The problem with the valuation i.e. it come sback and you are not happy will happen with any lender anyway - so once you have paid the fee and you are not happy you are out of pocket a survey fee, but potentially have not bought a place that is about to collapse.

There may be a handful of lenders that could look at this, but no guarantees.

Whats_my_age_again

Thanks herbiesjp.
Is it ok just to use the offers over price as the valuation then (we are buying the property in Scotland). What would happen if the valuation cam back abover or below this - would this lead to problems? Or will we only get the amount we submit in the application?

stevokenevo

Can you not get on the phone to your mortgage/financial advisor?
Surely taking into consideration the seriousness, and lack off time, he would make this case his priority?

Whats_my_age_again

stevokenevo wrote: »

Can you not get on the phone to your mortgage/financial advisor?
Surely taking into consideration the seriousness, and lack off time, he would make this case his priority?

I've tried but had no luck as he is in with clients at the moment

Merton

Why do you want to buy with 100% mortgage? Leave it for six months and pick something up much cheaper then you won't need a 100% mortgage.

herbiesjp

Merton wrote: »

Why do you want to buy with 100% mortgage? Leave it for six months and pick something up much cheaper then you won't need a 100% mortgage.

But if you don't have a deposit, you will still need a 100% mortgage even if the price is cheaper :rolleyes:

Debs12

I'm Scottish.

You can do a full application tommorow. The full application can normally asks still fairly small questions about the property. As for the valution that can be done tommorow as well. If you phone a large surveyor like DM HALL or Graham * sib before 10am. They have guys waiting to do duty i.e. fixed price houses and so on where the surveyors rush to the door!

It is normally your solistor that keeps you right in Scotland get them to organise the surveyor in the morning. At the same time get the adviser to get that form in and signed...

You have days like that in Scotland when you have to rush....

Darth_Calculus

herbiesjp wrote: »

But if you don't have a deposit, you will still need a 100% mortgage even if the price is cheaper :rolleyes:

I think Merton means for the OP to spend the six months saving for a deposit.

luckyfool

Darth_Calculus wrote: »

I think Merton means for the OP to spend the six months saving for a deposit.

My interpretation of his comment was that he is suggesting that he expects a house price crash and he will get "something much cheaper" if he waits 6 months.

I'm not sure that it was a particularly helpful comment.

calamity

Having bought a few times in Scotland my understanding is that houses generally survey up to the asking price.
To then offer over this you must have some money of your own to put into it as lenders will not give you more than the valuation on the survey.
Might be wrong though