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Emzlyz
Emzlyz Posts: 44 Forumite
Sixth Anniversary 10 Posts Name Dropper
edited 10 June 2020 at 11:07PM in Mortgages & endowments
Question removed-Now spoken to bank and appealing 

Comments

  • Oh no on what basis? I thought it was just waiting valuation! X
  • Emzlyz
    Emzlyz Posts: 44 Forumite
    Sixth Anniversary 10 Posts Name Dropper
    Oh no on what basis? I thought it was just waiting valuation! X
    All they have said is I no longer fit their criteria. So I'm guessing their criteria has changed. I spoke to them earlier (I had put a question on here for help but replaced it with the above one) my broker is appealing it but by the sounds of it he's given up. Just frustrated because I've done everything they have asked me to. I've reduced my credit card, paid off a loan in full, provided every single bit of evidence that they have asked for and now they are saying that based on a credit check they did a month ago I no longer fit their criteria. Honestly heartbroken right now because I only have a 5% deposit and I'm on a fixed term contract so I have no other options. If the appeal fails I'll have to pull out of the sale. What's frustrating (and I know this has nothing to do with the lender but its the reality) is the mortgage payments are lower than any rent would be in that area so if they think I can't afford the mortgage how do they think I can afford to rent? And I definitely can't afford to rent and continue to save so my deposit isn't going to get any bigger. 
  • I'm so sorry to hear that :( fingers crossed the appeal works out for you, can your broker find you another lender? 
  • Emzlyz
    Emzlyz Posts: 44 Forumite
    Sixth Anniversary 10 Posts Name Dropper
    No. I only have a 5% deposit and no one is offering them at the minute 
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Due to Covid the world has changed. 
  • Sistergold
    Sistergold Posts: 2,135 Forumite
    Sixth Anniversary 1,000 Posts Name Dropper Photogenic
    Emzlyz said:
    No. I only have a 5% deposit and no one is offering them at the minute 
    Don’t give up on ownership though as there is the option of shared ownership? As you only buy a % the money you have might go a long way? 
    Initial mortgage bal £487.5k, current £258k, target £243,750(halfway!)
    Mortgage start date first week of July 2019,
    Mortgage term 23yrs(end of June 2042🙇🏽♀️), 
    Target is to pay it off in 10years(by 2030🥳). 
    MFW#10 (2022/23 mfw#34)(2021 mfw#47)(2020 mfw#136)
    £12K in 2021 #54 (in 2020 #148)
    MFiT-T6#27
    To save £100K in 48months start 01/07/2020 Achieved 30/05/2023 👯♀️
    Am a single mom of 4. 
    Do not wait to buy a property, Buy a property and wait. 🤓
  • Emzlyz
    Emzlyz Posts: 44 Forumite
    Sixth Anniversary 10 Posts Name Dropper
    Don’t give up on ownership though as there is the option of shared ownership? As you only buy a % the money you have might go a long way? 
    I have looked at shared ownership, however I know that I would struggle to pay the rent on top of the mortgage and bills. My broker has appealed the lenders decision and I'm hoping to find out more next week. But honestly I've done nothing but look for other options in my spare time the last few days, if this mortgage doesn't get approved I'll have to rent while waiting for 95% mortgages to return. 
  • Sistergold
    Sistergold Posts: 2,135 Forumite
    Sixth Anniversary 1,000 Posts Name Dropper Photogenic
    edited 13 June 2020 at 10:03AM
    @Emzlyz
    You must be gutted but again it’s not over until it’s over. If all else fails if you don’t have a family it might be worth going into house share or back with parents while you boost up your deposit to at least 10%. Proper rental And saving is really hard. But good things in life need you to do the hard things to get them. Once you are in it you will be glad you did it.  So fingers crossed. 
    X
    Initial mortgage bal £487.5k, current £258k, target £243,750(halfway!)
    Mortgage start date first week of July 2019,
    Mortgage term 23yrs(end of June 2042🙇🏽♀️), 
    Target is to pay it off in 10years(by 2030🥳). 
    MFW#10 (2022/23 mfw#34)(2021 mfw#47)(2020 mfw#136)
    £12K in 2021 #54 (in 2020 #148)
    MFiT-T6#27
    To save £100K in 48months start 01/07/2020 Achieved 30/05/2023 👯♀️
    Am a single mom of 4. 
    Do not wait to buy a property, Buy a property and wait. 🤓
  • csgohan4
    csgohan4 Posts: 10,600 Forumite
    Ninth Anniversary 10,000 Posts Name Dropper Photogenic
    Emzlyz said:
    No. I only have a 5% deposit and no one is offering them at the minute 
    Don’t give up on ownership though as there is the option of shared ownership? As you only buy a % the money you have might go a long way? 
    SO has it's own problems sadly, and if you could buy outright I would
    "It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"

    G_M/ Bowlhead99 RIP
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