First time buyer - section 106 shared ownership

Gnet23

Hi guys

I am new here but looking for some assistance if possible

Our offer was accepted on a property subject to a 106 and shared ownership. Section 106 states we need to have a local connection to the north Devon area so is not too limiting.

Our offer was accepted in December and since then I have been awaiting our mortgage offer.

We applied for a mortgage through Barclays but this week have been told it is very unlikely that they will provide a mortgage on a section 106 (even though they were fully aware of this at the start!!) apparently it has come back from the surveyor as a ‘nil’ valuation.

I’m just wondering if anyone else has had similar experiences and any advise on what we should do now?

Many thanks,
Genette

ACG

Barclays may allow section 106s (we avoid Barlcays like the plague so no idea what their stance is). but they also take what the surveyor says as gospel (as do all lenders). If that has happened you need to start looking for a new lender.