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Can’t Finance New Build Flat!

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Comments

  • Gavin83
    Gavin83 Posts: 8,746 Forumite
    Name Dropper First Post First Anniversary
    There's a lot of aspects to this and your friend needs a mortgage broker and a solicitor urgently. As others have pointed out the financial penalties could be catastrophic and life ruining. Your friend has made a lot of mistakes here.

    Your friend appears to have 3 options:

    1) Speak to a mortgage broker and find a specialist lender who will provide a mortgage. Not likely to be cheap but potentially a lot cheaper than the alternatives. Of course if they pushed himself to the limits of borrowing 3 years ago this might not even be an option.

    2) Hope the developer isn't able to complete by the 31st October.

    3) Hope the developer has been negligent in some way and use that as a basis for rescinding the contract.

  • Aspen Wolf has posted an October update that can be viewed 

    It appears they expect to finish construction and sign off on the 11th November.


    Practical completions is expected on 11/11/2023. We look forward to welcoming our first residents very shortly in this prestige development.

    I am unable to post links however if you search for Aspen Wolf Springwell gardens progress you will find it. They are the Investment firm behind it. 



  • Did you ever get a resolution to this? I'm in a similar situation with a new build property in Leeds (a different development & developer) and a bunch of valuation companies have placed it on their stop list for various reasons. One, or course, is due to modern construction standards and a low owner occupier demand.

    Did your friend manage to complete in the end, or did they pull out as finance was too difficult to secure?
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