Mortgage declined

Ozzuk

Crashy_Time said:

Newthings said:

Hi All, thanks for the feedback! I spoke to virgin, they explained that after paying the exit fee for my current mortgage I wanted to port, if apply for a mortgage with them  once I've paid for the house in cash and made the changes i can then go back to them and use the mortgage I wanted to originally port, providing i do this within 90 days I can get my exit fee back.

I wanted to go through the bringing route but instead I have a family member who said they will give me the money to buy the house providing I can give it back to them within a 3 months, will have a contracts etc. 

Really focused on getting this house as its such a good future investment and I know its a rare find, plus I got 10% off the price.
Let's see how it goes. Will keep you update.


Am kicking myself as its such a pickle.

Again thanks for the replies guys!

How do you know?

Property can be a fantastic long term investment, and is a unique investment because the value/investment isn't just financial (and you'll note the OP didn't say financial investment), it is also a home, that you own, can improve/change, can sell, can give away, can blow up (though the last might not be legal) and own outright after term of mortgage.  Hope that helps.

Bonniepurple

Ozzuk said:

Crashy_Time said:

Newthings said:

Hi All, thanks for the feedback! I spoke to virgin, they explained that after paying the exit fee for my current mortgage I wanted to port, if apply for a mortgage with them  once I've paid for the house in cash and made the changes i can then go back to them and use the mortgage I wanted to originally port, providing i do this within 90 days I can get my exit fee back.

I wanted to go through the bringing route but instead I have a family member who said they will give me the money to buy the house providing I can give it back to them within a 3 months, will have a contracts etc. 

Really focused on getting this house as its such a good future investment and I know its a rare find, plus I got 10% off the price.
Let's see how it goes. Will keep you update.


Am kicking myself as its such a pickle.

Again thanks for the replies guys!

How do you know?

Property can be a fantastic long term investment, and is a unique investment because the value/investment isn't just financial (and you'll note the OP didn't say financial investment), it is also a home, that you own, can improve/change, can sell, can give away, can blow up (though the last might not be legal) and own outright after term of mortgage.  Hope that helps.

You didn’t mention bury their dog (with a Bag For Life) in the garden or a family member under the patio....

Newthings

@Ozzuk

Spot on! 

I live near the area currently and its rare these properties come on the market. 

Crashy_Time

Ozzuk said:

Crashy_Time said:

Newthings said:

Hi All, thanks for the feedback! I spoke to virgin, they explained that after paying the exit fee for my current mortgage I wanted to port, if apply for a mortgage with them  once I've paid for the house in cash and made the changes i can then go back to them and use the mortgage I wanted to originally port, providing i do this within 90 days I can get my exit fee back.

I wanted to go through the bringing route but instead I have a family member who said they will give me the money to buy the house providing I can give it back to them within a 3 months, will have a contracts etc. 

Really focused on getting this house as its such a good future investment and I know its a rare find, plus I got 10% off the price.
Let's see how it goes. Will keep you update.


Am kicking myself as its such a pickle.

Again thanks for the replies guys!

How do you know?

Property can be a fantastic long term investment, and is a unique investment because the value/investment isn't just financial (and you'll note the OP didn't say financial investment), it is also a home, that you own, can improve/change, can sell, can give away, can blow up (though the last might not be legal) and own outright after term of mortgage.  Hope that helps.

Sometimes you can`t sell at a price you would like in a timeframe you would like because it is a uniquely illiquid "investment" and very sensitive to economic shocks (like now for example) that is why it shouldn`t be seen as an "investment"  by anyone but people who know exactly what they are doing.

Ozzuk

Crashy_Time said:

Ozzuk said:

Crashy_Time said:

Newthings said:

Hi All, thanks for the feedback! I spoke to virgin, they explained that after paying the exit fee for my current mortgage I wanted to port, if apply for a mortgage with them  once I've paid for the house in cash and made the changes i can then go back to them and use the mortgage I wanted to originally port, providing i do this within 90 days I can get my exit fee back.

I wanted to go through the bringing route but instead I have a family member who said they will give me the money to buy the house providing I can give it back to them within a 3 months, will have a contracts etc. 

Really focused on getting this house as its such a good future investment and I know its a rare find, plus I got 10% off the price.
Let's see how it goes. Will keep you update.


Am kicking myself as its such a pickle.

Again thanks for the replies guys!

How do you know?

Property can be a fantastic long term investment, and is a unique investment because the value/investment isn't just financial (and you'll note the OP didn't say financial investment), it is also a home, that you own, can improve/change, can sell, can give away, can blow up (though the last might not be legal) and own outright after term of mortgage.  Hope that helps.

Sometimes you can`t sell at a price you would like in a timeframe you would like because it is a uniquely illiquid "investment" and very sensitive to economic shocks (like now for example) that is why it shouldn`t be seen as an "investment"  by anyone but people who know exactly what they are doing.

Sorry, one weak use case doesn't label something a bad investment.  Buying property (or any investment) should always be carefully considered, but again your agenda shines through and you can't see both sides of the arguement. Housing is not, as has been proved over last 12 months, 'very sensitive' to economic shocks.  Large shocks take time to ripple through the market, and housing can be very resilient given people need somewhere to live, plus, rightly or wrongly the government will protect this investment before a lot of others.

Crashy_Time

Ozzuk said:

Crashy_Time said:

Ozzuk said:

Crashy_Time said:

Newthings said:

Hi All, thanks for the feedback! I spoke to virgin, they explained that after paying the exit fee for my current mortgage I wanted to port, if apply for a mortgage with them  once I've paid for the house in cash and made the changes i can then go back to them and use the mortgage I wanted to originally port, providing i do this within 90 days I can get my exit fee back.

I wanted to go through the bringing route but instead I have a family member who said they will give me the money to buy the house providing I can give it back to them within a 3 months, will have a contracts etc. 

Really focused on getting this house as its such a good future investment and I know its a rare find, plus I got 10% off the price.
Let's see how it goes. Will keep you update.


Am kicking myself as its such a pickle.

Again thanks for the replies guys!

How do you know?

Property can be a fantastic long term investment, and is a unique investment because the value/investment isn't just financial (and you'll note the OP didn't say financial investment), it is also a home, that you own, can improve/change, can sell, can give away, can blow up (though the last might not be legal) and own outright after term of mortgage.  Hope that helps.

Sometimes you can`t sell at a price you would like in a timeframe you would like because it is a uniquely illiquid "investment" and very sensitive to economic shocks (like now for example) that is why it shouldn`t be seen as an "investment"  by anyone but people who know exactly what they are doing.

Sorry, one weak use case doesn't label something a bad investment.  Buying property (or any investment) should always be carefully considered, but again your agenda shines through and you can't see both sides of the arguement. Housing is not, as has been proved over last 12 months, 'very sensitive' to economic shocks.  Large shocks take time to ripple through the market, and housing can be very resilient given people need somewhere to live, plus, rightly or wrongly the government will protect this investment before a lot of others.

How will they protect it from what is happening now, how will they control what happens in global credit markets? It`s not as if they can just cut interest rates again to keep the bubble pumped up?

Crashy_Time

steampowered said:

Bridging loans are often unbelievably expensive.

Make sure you understand exactly how many £000s you would be spending on the loan before going down that route.

Good advice, sounds like a bad route to go down TBH.

jamesperrett

Slithery said:

Did you actually look into the price of bridging loans? Last time I saw they were around 10% interest per month.

I was looking at this last year and had a quick look again just now. Current rates seem to be between 0.5% and 2% per month.

Crashy_Time

Wow, that`s cheap, are you going to go for it?

Newthings

Hi all, as explained earlier I'm not doing the bridging loan but borrowing of family and then will remortgage straight after. Just waiting for the contract pack from the solicitors...its been one month and no movement. Really doubt I'll get this house before the stamp duty which is really not helping. Hope you are all safe and  well!