Solicitor wants updated offer from broker who I have paid already

DaffyDuck316

Ah, your right, I was using a Helping Hand mortgage...

I did contact NatWest earlier, the lady didn't know what a Genuine Bargain Price mortgage was, and she just read out the online application to me. Not what I had hoped, and sadly the affordability criteria could not be met.

I also spoke to a new mortgage broker, he said he would get back to me by the end of the day, so hopefully I'll hear something soon. If that is bad news then I'll try another broker but I will fear it will be game over.

I adid sort of have one last-ditch idea if it came to it. Perhaps I could ask the seller if I can keep renting the place until I could save up enough deposit for the Genuine Bargain Price mortgage. Maybe even offer to pay for any maintenance/repairs in that time period. I don't really think that will work to be honest.

Anyways, I'll await to hear from the new broker.

DaffyDuck316

I have not heard back anything yet from the new mortgage broker.

Is there anybody on here who thinks this may be possible?

I earn £48k/year
The property value is £265,000
So it would seem I need 5.5x my salary
With a 5% Deposit
(£5250 my money, £8000, a Gift from the Landlord)

I have been checking around, and the situation is very precarious, but it feels like there may a possibility to squeak this over the line.

I'll give my new broker the green light if he comes up with anything. If he comes back with nothing and somebody on here has an idea, they can get involved or contact someone who can get involved, well there is no harm in me asking.

Herzlos

Have you checked if you're eligable for a Nationwide Helping Hand mortgage directly?

DaffyDuck316

Yeah, that is where I have received my current mortgage offer. It has hit a dead-end because the solicitor and Nationwide have both told me I need a Genuine Bargain Price mortgage, but for that to happen, it would appear I will need a 10% deposit instead of a 5% deposit. Actually I just looked, apparently a Genuine Bargain Price mortgage can't be used in conjunction with a Helping Hand mortgage.

I think I will try calling them again tomorrow and explain my circumstances. I doubt it will get me anywhere, I read it was very rare for mortgage lenders to be flexible with the amount of deposit needed. But at least I can tell myself I gave it my best shot.

I decided to check in with Google Ask AI to see what that would say to me. It said:

"Finding a mortgage lender willing to finance a property priced at 5.5 times your annual salary with only a 5% deposit and accepting a gift from the landlord is challenging but possible depending on individual circumstances and lender policies."

I have excellent credit, no debts, and Google tells me I have a skilled profession as a complex care assistant (might have to double check on that).

It is frustrating to feel like there is a possibility to do this, but so far not finding any way forward. Of course, I am being a little impatient, I'm still waiting to hear back from a broker that I spoke to only 15 hours ago.

DaffyDuck316

Here is a message I have drafted to the original mortgage broker. I haven't sent it yet. I was wondering if anyone had any thoughts, if I was maybe being too harsh. I sort of work night shifts, but I have been trying to talk to people in the day to find a way to get the house, so I may be over-tired/cranky. Please bear in mind I have already paid the broker when I received the mortgage offer and their services weren't cheap to say the least.

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Hi (broker),

I am disappointed you didn't call me back yesterday like you said you would.

I really would like to know your thought process at this time.

From what I can see:

- A gift from a landlord cannot be used in a Gifted Deposit application 
- A Genuine Bargain Price application cannot be used in conjunction with a Helping Hands Mortgage

I can understand why we might be able to persuade a solicitor to change their mind to use a Gifted Deposit mortgage, but I have recently contacted Nationwide and they have been insistent for months that this needs to be done as a Genuine Bargain Price mortgage.

Now, I can understand if a mistake has been made and I would have accepted it. What I cannot accept is that you haven't been forthcoming about the situation, and recently (although I did ask for this) you recommended a new solicitor to me. I'm not sure that is looking after my best interests. I have also accrued solicitor fees for the extra work this has caused them.

As you have not been forthcoming and I am exhausted trying to be able to get in contact with you, unless you can tell me what you consider your thought process to a solution to the situation to be, I will be forced to escalate this matter.

Please write back to me.

Thanks,

(Me)

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Herzlos

It's starting to sound a bit like the broker has been bending the rules a bit to try and force through an unsuitable mortgage.

Do you have any other way to boost the deposit to the 10% threshold? Anything you can sell or any family who can gift you some of it?

DaffyDuck316

Sadly no. The only person who may consider it is my boss, and that would be a long shot in itself. Hmm, I guess it is an option that is worth researching at least 

housebuyer143

I don't think it sounds harsh. It sounds like someone who is frustrated having had no response. I would send that in your shoes and see what response you get. 

Myci85

What are the terms and conditions of your broker? Fee has obviously already been paid, but is it payable just for them getting you a mortgage offer even if it doesn't actually go through (through no fault of your own)? Or are the terms and conditions such that there is no fee payable if they aren't successful in getting you a mortgage? As if the latter, if they've forced a mortgage offer by inputting incorrect information, you are surely due a refund. 

That obviously doesn't help you buy the house. Do you know how desperate your landlord is to sell? How long would it take you to save up the increased deposit needed? Are you able to take on any extra work/jobs to boost your savings quickly as possible if they're able to hold off on the sale for a bit longer?

DaffyDuck316

Thanks for your opinion housebuyer,

I will check the terms and conditions. Myci

I think even if I were to get a refund, if I was to combine that with the money I have, I would still need £5000, and currently there is no overtime available to me which is frustrating. The seller has already been waiting seven months, I'm not too sure what their mindset is as the sale is going through an estate agent. Umm, I have nothing to sell. Perhaps I could find some extra work, but I already work 60 hours/week, I could maybe stretch out to 100 hours/week, but that would be hard to fit the extra hours around the hours that I do work and I still feel like it would take too long to get to where I need to get to though.

I'll see if I hear back from any brokers, and otherwise I can try and negotiate with the seller. Maybe if I get an extra job, I might get lucky and the seller could maybe freeze my rent payments for a couple of months. That would save me £2000.