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My buyers mortgage problems - what to do?

Welshspacechick
Welshspacechick Posts: 49 Forumite
Fourth Anniversary 10 Posts Name Dropper
in House buying, renting & selling
10 weeks into the process of selling my leasehold flat, I found out today that my buyer is on his third mortgage application!! After being told he was a great buyer with a 20% deposit at the outset it turns out it's a buy to let with a non family member gifted deposit!
One lender didn't like his deposit, another has down valued the estimated rental income. Most lenders want 25% for a BtL. 
I dont know what to do anymore. I am furious with my EA that I'm only finding this out today and worried sick/depressed about how this might affect my onward purchase.
My EA is pushing me to re-advertise but I'm holding faith that the third times the charm, apparently a new application is going in today so I've said we want some progress by Monday...anything to keep the faith. What would you do? 
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Comments

  • theartfullodger
    theartfullodger Posts: 15,805 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    I find it safer to doubt assertions from agents.

    Put it back on market.
  • flashg67
    flashg67 Posts: 4,146 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    theartfullodger said:
    I find it safer to doubt assertions from agents.

    Put it back on market.
    ..with another agent?
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Not unknown for potential buyers to lie......

    Little point complaining about your EA , then disregarding his advice. Knows far more than we do. 
  • canaldumidi
    canaldumidi Posts: 3,511 Forumite
    Tenth Anniversary 1,000 Posts Name Dropper Combo Breaker
    Re-market.
    If the current buyer gets his mortgage sorted, great.
    If you find another buyer, also great!
  • AFF8879
    AFF8879 Posts: 656 Forumite
    Ninth Anniversary 500 Posts Name Dropper
    Also bear in mind the more mortgage applications he makes, the more hard searches end up on his credit file. A lot of mainstream lenders might not be willing to lend if they can see the applicant has had made 3, 4, 5 etc mortgage applications in the space of a couple of months…

    I’d be inclined to give them a few more days, as you say the third application has just gone in, but if no joy after that I’d be relisting.

    This might be one of the rare occasions the EAs in-house mortgage services may actually be useful!
  • aoleks
    aoleks Posts: 720 Forumite
    500 Posts First Anniversary Name Dropper
    the gifted deposit from friends is not an issue, no lender has a problem with that nowadays...
  • AdrianC
    AdrianC Posts: 42,189 Forumite
    Eighth Anniversary 10,000 Posts Name Dropper
    It may well be that the buyer lied to the EA...

    But, yes, re-market. This one's not going to come together.
    In the event it does, the fact you're remarketing doesn't mean you can't go back to this one.
  • MaryNB
    MaryNB Posts: 2,319 Forumite
    1,000 Posts Third Anniversary Name Dropper
    aoleks said:
    the gifted deposit from friends is not an issue, no lender has a problem with that nowadays...
    Halifax doesn't allow it.




  • MaiTai
    MaiTai Posts: 507 Forumite
    Ninth Anniversary 100 Posts Photogenic Name Dropper
    aoleks said:
    the gifted deposit from friends is not an issue, no lender has a problem with that nowadays...
    It is very much an issue.

    There are few lenders that allow gifted deposits from friends.Most insist that the gift is from a family member and some apply even stricter criteria and insist that the gift comes directly from parents only.
  • diggingdude
    diggingdude Posts: 2,499 Forumite
    Eighth Anniversary 1,000 Posts Name Dropper Photogenic
    Is your flat an easy to mortgage flat? I only ask as many mortgage companies won't go near some flats at the moment. If it is re-advertise. If it isn't then stick with what you have for now 
    An answer isn't spam just because you don't like it......
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