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Mortgage Advice Please
Stuart100
Posts: 2 Newbie
I am in the process of trying to buy a house and have hit a block. 7 years ago I declared myself bankrupt, was discharged and the order is no longer on my credit file. Initially I was looking at a new build with the hep to buy equity loan. To cut a long story short the new build wasn't right so I looked on the open market, found a house and had our offer accepted.
The mortgage broker I have been working with initially obtained a mortgage in principle for the new build but yesterday (at 6pm) advised that the Halifax would only lend 89.99% for the other house. The income multiples add up (Income of £80k against a purchase of £350k) I have a 5% cash deposit so am looking at a loan of £332.5k over 25 years. The reason the Halifax have stated is "The Loan to value and aspects of the application" I know that they don't have to go in to detail but wanted to know what options were open to me.. I am currently in rented and the landlord has decided to sell, giving us until the end of May to secure a new property. With two children at secondary school I am keen to secure the house which is in the catchment area for the school.
Keen to resolve/get advise ASAP after the bombshell was dropped last night after thinking everything was OK.
Any helpful advise welcom
The mortgage broker I have been working with initially obtained a mortgage in principle for the new build but yesterday (at 6pm) advised that the Halifax would only lend 89.99% for the other house. The income multiples add up (Income of £80k against a purchase of £350k) I have a 5% cash deposit so am looking at a loan of £332.5k over 25 years. The reason the Halifax have stated is "The Loan to value and aspects of the application" I know that they don't have to go in to detail but wanted to know what options were open to me.. I am currently in rented and the landlord has decided to sell, giving us until the end of May to secure a new property. With two children at secondary school I am keen to secure the house which is in the catchment area for the school.
Keen to resolve/get advise ASAP after the bombshell was dropped last night after thinking everything was OK.
Any helpful advise welcom
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Your broker looking for another lender?I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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