Mortgage Mission Impossible?

Mixmyth

Hi, can anyone recommend a mortgage broker or lender that can take on a 'Mission Impossible' remortgage?  By 'Mission Impossible' I mean our circumstances are extremely difficult, nay, impossible.  Is there anyone out there up for the challenge?

Thanks.  Mick.

Brie

Not sure who might be able to help if there's so little info to go by.

For what it's worth when we were remortgaging a few years back I had an informal chat with one of the banks I had an account with and asked what the chances might be of getting a mortgage with them.  Had a very good conversation where the person who would have dealt with an application looked at our finances (which were complicated) and other debts (which were somewhat substantial) and very politely told me that we wouldn't have a hope in hades of getting an offer from them.  She further advised that going to a mortgage broker would be expensive and perhaps not a productive move and that I should simply go back to the bank I was then mortgaged with and get them to set something new up for us.  That worked.  

MWT

Mixmyth said:

By 'Mission Impossible' I mean our circumstances are extremely difficult, nay, impossible.  Is there anyone out there up for the challenge?

Going to have to elaborate a little on the challenge...

There are brokers who specialise in adverse lending, there are some that know more about benefit income than others etc.

... and then there are those who believe they are in an impossible position that really aren't, and they just need any good broker...

.. and those who really are impossible, but a good broker can help determine that as well...

ACG

If you want to give some details, we can say if its a no go or if you have a chance. 

Its difficult to be able to recommend a broker without knowing what the problems are. I do a lot of adverse, there are a few brokers who send me cases they cant do. Likewise if I get some quirky BTLs, I refer them off to another broker who only really does BTLs and knows that market far better than I do. 

Sometimes brokers specialise in what they do.

Mixmyth

We are talking, DMP (debt management plan), aged 64 and sprayfoam roof insulation.  Mick.

ACG

DMP should be possible, the age issue would be dependent on circumstances but probably not a deal breaker. 

I think the biggest issue will be the insulation especially when combined with the others - I assume there is no way to remove it? 

Im just having a think and I dont know if it is possible or not. I dont like to say much is impossible with over 80-90 lenders you sort of think there must be one. But your right, its a tough ask. I dont think you need a specialist as such, just someone good who is prepared to put the work in. 

MWT

Nationwide may be a possibility regarding the spray foam at least...

... but it depends a lot on the details...

ACG

https://www.mortgagesolutions.co.uk/news/2023/12/18/friday-next-week-lenders-will-lend-on-spray-foam-homes-with-more-certainty-hbs-roundtable/

I have not had chance to read this yet, I will take a look in the week but is there any information there you can use? 

Mixmyth

Thanks ACG.  That is a very interesting article highlighting the chaos that surrounds lenders attitudes and the use of sprayfoam, ie: a seemingly fictitious set of negative symptoms versus the need for good insulation of buildings.

MWT

Mixmyth said:

Thanks ACG.  That is a very interesting article highlighting the chaos that surrounds lenders attitudes and the use of sprayfoam, ie: a seemingly fictitious set of negative symptoms versus the need for good insulation of buildings.

The problems are real, and mostly centre around the lack of proper inspection and documentation of the roof condition before using the spray foam, and then the quality of workmanship and the materials actually used.

In the worst cases it has been used as a 'repair' for a leaking roof which just leaves the timbers rotting unseen behind the foam.

If you have a proper inspection report produced before the foam was applied you may have more success getting a mortgage, but without that it is still going to be difficult based on the linked article...

Mixmyth

Thanks for your info MWT.  There are no problems with the installation, nor are there any of the symptoms that are listed to cause problems.  The problem I will have is convincing a lender of this.  Do I spend £750 on an inspection/survey that says its ok just for a lender to then reject it because they have no recommendations or direction from the expert lead bodies? I might have to wait for them to get their act together.

Cheers.  Mick,