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first time buyer with CCJ, lots of equity in property, mortgage offer in Aug'21 but no further on

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mawk86
mawk86 Posts: 46 Forumite
Part of the Furniture 10 Posts Combo Breaker
edited 12 February 2022 at 10:06PM in Mortgages & endowments
Hello! 

My partner and I are buying a property from a family member for the purchase price of £127k, it has been valued at £225k by a local agent. 

My partner got a CCJ in May 2018, it was satisfied in Jan 2021. His credit score is 611 and mine 712. 

Our mortgage broker found us a mortgage (not with a highstreet lender) that was willing to lend to us with our credit history, and using the equity as a deposit rather than having a cash deposit. We signed with him, paid our deposit for his services and sent him all our ID/ statements and he instructed us to get a solicitor etc in August 2021 - and we're still no further on, the property hasn't been valued/ surveyed by the mortgage company. Every time we chase him he says 'it's sat with admin at the lenders side'. 

Is it typical for this process to take so long when it's not with a high street lender? If not should we be looking to move to a different broker? 
«1

Comments

  • SuseOrm
    SuseOrm Posts: 518 Forumite
    Third Anniversary 100 Posts Name Dropper
    Is it with Aldermore?  They are usually very efficient 
  • mawk86
    mawk86 Posts: 46 Forumite
    Part of the Furniture 10 Posts Combo Breaker
    SuseOrm said:
    Is it with Aldermore?  They are usually very efficient 
    Our broker is Charwins and our lender is Foundation Home Loans
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Why the discounted value? Hopefully not an attempt to avoid CGT. 
  • mawk86
    mawk86 Posts: 46 Forumite
    Part of the Furniture 10 Posts Combo Breaker
    Why the discounted value? Hopefully not an attempt to avoid CGT. 
    Family helping family!
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    mawk86 said:
    Why the discounted value? Hopefully not an attempt to avoid CGT. 
    Family helping family!
    Sale of second property? 
  • mawk86
    mawk86 Posts: 46 Forumite
    Part of the Furniture 10 Posts Combo Breaker
    Thrugelmir said:
    mawk86 said:
    Why the discounted value? Hopefully not an attempt to avoid CGT. 
    Family helping family!
    Sale of second property? 
    No it is his only property
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    mawk86 said:
    Thrugelmir said:
    mawk86 said:
    Why the discounted value? Hopefully not an attempt to avoid CGT. 
    Family helping family!
    Sale of second property? 
    No it is his only property
    Where is he intending to reside, in the property? 
  • mawk86
    mawk86 Posts: 46 Forumite
    Part of the Furniture 10 Posts Combo Breaker
    mawk86 said:
    Thrugelmir said:
    mawk86 said:
    Why the discounted value? Hopefully not an attempt to avoid CGT. 
    Family helping family!
    Sale of second property? 
    No it is his only property
    Where is he intending to reside, in the property? 
    This has absolutely nothing to do with my original post!
  • MWT
    MWT Posts: 10,174 Forumite
    10,000 Posts Fifth Anniversary Name Dropper
    mawk86 said:
    Is it typical for this process to take so long when it's not with a high street lender? If not should we be looking to move to a different broker? 
    Something isn't right for sure.
    If your broker is part of a larger group then I'd suggest raising a compliant about the lack of progress.
    If they are on their own then you may need to think about approaching a different broker, but still complain and ask for a full refund based on their lack of ability to progress your mortgage.
    Re the other questions, people will always try to help you by highlighting aspects of your mortgage application that may be problematic, even if the questions are not tactfully phrased or directly on point for the original question as they may bite you later on and may have some bearing on the problem even if it is not obvious. 

  • mawk86
    mawk86 Posts: 46 Forumite
    Part of the Furniture 10 Posts Combo Breaker
    MWT said:
    mawk86 said:
    Is it typical for this process to take so long when it's not with a high street lender? If not should we be looking to move to a different broker? 
    Something isn't right for sure.
    If your broker is part of a larger group then I'd suggest raising a compliant about the lack of progress.
    If they are on their own then you may need to think about approaching a different broker, but still complain and ask for a full refund based on their lack of ability to progress your mortgage.
    Re the other questions, people will always try to help you by highlighting aspects of your mortgage application that may be problematic, even if the questions are not tactfully phrased or directly on point for the original question as they may bite you later on and may have some bearing on the problem even if it is not obvious. 

    I last emailed on Friday morning asking for an update, I will give it until midweek and if no response or progress I will raise a complaint. 

    Thanks for your explanation re questions! 
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