Broker can't proceed with application until council name the road?

Jakeh_2

Hi,
I'm in the process of buying a new build property. We're the first plot on the developement and theres no official address yet.
My reservation period expires 01/03/21.
The developer wishes for us to conclude missives before this date (Scotland), however our mortgage broker has advised that they cannot submit the formal mortgage application until the address has been provided. They know that the property will be a new build and that it's currently still a hole in the ground.

My understanding was that lenders would be ok with temporarily using the plot number in order to proceed with the full application?

I'm concerned that this could be an issue as the reservation expires soon. Is my broker wrong?

[Deleted User]

I have definitely submitted applications for new builds with plot number and manually keyed address.   Usually once the offer is issued the solicitor contacts the lender directly to update the address and notify of any changes.

I haven't done it in Scotland to be fair but i doubt that there is much difference 

davidmcn

Deleted_User said:

I haven't done it in Scotland to be fair but i doubt that there is much difference 

Just the same really. Confirmation of street names often occurs well into the build programme, and even later before it filters through to everybody's address databases (see other threads here from people having trouble sorting out utilities etc for when they move in). I suspect either broker or lender just don't know how to get past a "computer says no" problem. 

Mickey666

I know of two people who moved into new builds and had all sorts of address-related issues. 
One was having difficulty ordering items online because their postcode was not recognised so merchants would not accept their order.  Not all merchants but quite a few.
The other, far worse really, was that their car insurance company CANCELLED their policy when they informed them of their change of address and the insurance company did not recognise the new address!