Solicitor wants updated offer from broker who I have paid already

DaffyDuck316

Wow, I didn't realise it was so easy to call the mortgage lenders or I would have tried it sooner.

I just got off the phone to them and they saw my file and said I definitely need a Genuine Bargain Price Mortgage.

I asked them if I would need a bigger deposit for a Genuine Bargain Price mortgage and they told me I shouldn't need to, but I'll have to check with my broker.

My broker has told me last Wednesday I need the full 5% deposit if I switched to Genuine Bargain Price.

So unless she is lying, I think the purchase of the property could be dead in the water.

I must admit it did sound like a dream come true when I heard my landlord could help pay towards the deposit.

I just don't understand why my broker would offer me a new solicitor if there was really no chance of progressing.

But then I haven't heard anything for a week, so...
---
Also during the night I emailed the estate agents and explained the situation, thinking maybe the seller's solicitor might be able to help. The estate agents just called me and suggested I talk to a solicitor in town that had been round the block a few times. I said I'll try anything, I couldn't bear to tell them that I had just spoke to the mortgage lender. Someone could say they have the right to know, but I just want to get my head around it first and what is to say Nationwide haven't been given the wrong information about the situation.

I'm not giving up hope yet, but damn the glass is definitely half empty at the moment.

Herzlos

Ignore the broker and deal with NatWest. Do they say it'll work?

Can NatWest give you new paperwork directly that satisifies the solicitor?

It definitely sounds like the broker has messed up, and you need to either bypass them entirely or find a new one. You can always sue them for your fees back once it's all sorted.

DaffyDuck316

Hmm the person I spoke to on the phone with Nationwide said only my broker could access the application. They only had access to messages that had been exchanged between them and the broker/solicitor.

That's why they told me I need to consult my broker to find out if I need to pay extra for a Genuine Bargain Price Application. Even though the girl on the phone seemed to think I might not have to pay an extra amount deposit, I don't really see why my broker wouldn't just rekey the application if it were that simple.

But it is definitely worth giving them another call, and calling up another broker.

Edit: I called up Nationwide and the only way they can determine whether I need to pay more for a genuine bargain price application would be to rekey the entire application from scratch

Hoenir

I'd be paying a visit to the broker personally. 

DaffyDuck316

I thought they were based a long way away, but I have just seen they are 90 minutes away, could be worth a drive...not now though, I haven't even slept in the night

kingstreet

Can we just get straight here - Nationwide is the current lender. I suggested NatWest as an alternative.

DaffyDuck316

Thanks, yeah, I should have set that straight to avoid confusion.

I am reaching out to some mortgage brokers now (as I had planned to do last week before my current broker got my hopes up).

I get the feeling I am going to be left disappointed. I feel that the money the landlord set aside me can be used as a deposit, but ultimately I'm always going to need to commit at least 5% of the asking price out of my own money.

housebuyer143

DaffyDuck316 said:

Thanks, yeah, I should have set that straight to avoid confusion.

I am reaching out to some mortgage brokers now (as I had planned to do last week before my current broker got my hopes up).

I get the feeling I am going to be left disappointed. I feel that the money the landlord set aside me can be used as a deposit, but ultimately I'm always going to need to commit at least 5% of the asking price out of my own money.

Please give up on nationwide and your broker, call NatWest directly and ask them also because I think we worked out before the issue with nationwide is that they want 10% deposit to do genuine bargain price and you don't have that. 

Let us know what NatWest say 🙏👍

DaffyDuck316

As always, I appreciate your kind words!

I have an appointment with a new mortgage broker tomorrow and I am going to try to facilitate another after that in the day if required.

I'm also going to follow anyone's advice on here, that is for sure, admittedly I did get sidetracked from contacting NatWest. I'll make that my first call tomorrow.

I think from the beginning I needed a broker due to affordability (48k/year -> 257k purchase) , I'm looking at 5.5x salary instead of 4.5x

Getting a mortgage offer always felt too good to be true for those reasons, deposits from the landlord, 5.5x salary. I'll keep everyone updated, it's so nice to hear from various different people after all of these posts. Thanks.

kingstreet

You'd better do a NatWest affordability calculator first.

https://spa.mortgages.natwest.com/calculator/residential-affordability

If you were using Nationwide Helping Hand to get more, you're unlikely to get as much from NatWest.