Avant homes / forced to use new build broker

TuxedoCat

Hi

I’m losing the will to stay interested in what has turned out to be our dream home. When I originally went into a debt management plan, we had planned to shelve any home buying dreams for the next few years while my credit file has taken a beating.

Due to COVID-19, little to do outside of the home, cancelled holidays and an awful neighbour along with my fiancée’s pay rise, we found ourselves eager to buy a home that we loved. We went to see it and fell in love.

We have found that my fiancée is unable to meet the affordability as a sole applicant (earns £20k p/a) and there are no shared ownership offers on the development. 

I have been speaking to various adverse credit brokers who seem quietly confident they can get us a deal (her file is squeaky clean whereas mine is not but my debt level is only around £14k). 

A discount market rate scheme property came up which is 3 bedrooms and cheaper due to the discount than the 2 bedroom we liked. 

We wanted to reserve but keep being told we need to speak to New Homes Mortgage Services who have been poor. They call us after avant refers us to them but after taking details of my defaults they tell us they’ll call back tomorrow after speaking to a lender that is happy to lend to us.

Three times now we don’t hear back and it seems that we are unable to proceed until they tell avant that we can? This is very frustrating as I am aware that we likely need a specialist broker. It leads us to think are they just busy or deliberately not processing our request or calling back. 

It seems that we won’t be able to reserve without their say so even though it’s unlikely we will use them as we need a specialist broker. 

Has anyone encountered similar?

foxy-stoat

Yes, reserving a plot without a DIP or full offer would be crazy.

Speak to a broker and find out your options, if you are still in the DMP then this may not be the right time to think about moving.

kingstreet

DOMV with adverse is going to be a hell of a result in the current climate as there are very few lenders to start with (due to the S106 restrictions) and they have cut their maximum loans to value. 90% is usual/clean realistic max but in post-Covid world with adverse I wouldn't want to hazard a guess.

TuxedoCat

We want to use help to buy and have a decent deposit. We were told by one broker they felt they could get us one. I just feel that the one Avant wants us to go via could at least have the decency to call us back or for us to be able to proceed with our own broker if ‘New Homes Mortgage Services’ aren’t able to do so.