Nightmare mortgage search!!

Arklight

Wait, you were after a 30% loan to value mortgage of £130,000, which makes the house you are about to buy £430 grand?

But then you changed to just apply yourself and were offered £11900 which was ok, but now not being able to secure that means you can't exchange.

But you have £11k of car loans but you can just pay them off.

If you have that much money sitting around just buy a slightly cheaper house.

Jaywood89

I wish it was that simple. The house is 400K. But that’s standard prices for 4 beds in this area. In fact it’s abohr 24k cheaper than the nearest one. I live in an area That has the one of the highest house prices outside of the London area. To buy a cheaper house would mean a 2 bed as 3 beds are barely any cheaper than the 2 beds. Or move along way for our jobs, schools, friends and family’s. I am aware I bought a house 20 miles north I could buy out right!. It’s a catch 22 I’m afraid but I am aware I am not hard done by at all and should count by blessings really

CommitedToChange

"The estate agents wouldn’t accept the offer without the AIP and an appointed solicitor which costs £400 upfront anyway"

You don't actually instruct the sol until you get a confirmed mortgage offer - just a quote. You just tell the EA you'll be instructing XX That way should you not get an offer you don't lose extra money. The EA doesn't accept the offer - the vendor does and they legally have to tell them about your offer.

Your solicitor 'friend' hasn't given you the best advise I'm afraid

Thrugelmir

Jaywood89 wrote: »

I wish it was that simple. The house is 400K.

Where's the £270,000 deposit coming from if you are both FTB's?

Jaywood89

Does it matter? It’s nothing dodgy just wondering why you only asked for why I have it

Muscle750

270k deposit, they will need to know where the money has come from surely? Because even if its gifted ,inherited etc they will still want to know

Caz3121

is all the deposit in your name or is some coming from your partner?

Jaywood89

I’ve already sent them proof of where it came from. It’s inherited

Jaywood89

And yes all deposit is mine . Plus all other savings

Arklight

Jaywood89 wrote: »

And yes all deposit is mine . Plus all other savings

You've gone from needing a £130k mortgage to needing to borrow only £11900 in your post.


If you can't get a mortgage for that amount I would probably apply for a few credit cards and put it on that.