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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
Posts: 46 Forumite


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?
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?
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Is it with Aldermore? They are usually very efficient0
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Why the discounted value? Hopefully not an attempt to avoid CGT.0
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Thrugelmir said:Why the discounted value? Hopefully not an attempt to avoid CGT.0
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mawk86 said:Thrugelmir said:Why the discounted value? Hopefully not an attempt to avoid CGT.0
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Thrugelmir said:mawk86 said:Thrugelmir said:Why the discounted value? Hopefully not an attempt to avoid CGT.0
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mawk86 said:Thrugelmir said:mawk86 said:Thrugelmir said:Why the discounted value? Hopefully not an attempt to avoid CGT.0
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Thrugelmir said:mawk86 said:Thrugelmir said:mawk86 said:Thrugelmir said:Why the discounted value? Hopefully not an attempt to avoid CGT.1
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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.
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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.Thanks for your explanation re questions!0
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