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Mortgage issue with BM solutions,

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Can anyone help !

I have a mortgage of £55000 with BM solutions and so far been happy decent rate etc. We want to move house and we accepted a part exchange with Bellway for a new build. We had to use there brokers as one of the terms however if we find a better way elsewhere we can go if they cant match it.

On the day I spoke to the broker they said the mortgage had been approved and BM said we could port it no probs I explained what deposit etc we had and all was well.

Until today BM will only port our mortgage up to 80% of the value of our new place. I've personaly spoken to them and they wont budge. However they approved us up to 190k we need 127000 however with our deposit they will only offer 80% mod 142000. So I now need to look at redeeming which will cost me 3k doesnt sound much but it is as this was covering legal fees and the new white goods for the house.

Can anyone point me in the right direction as my head is so far up the dark place.

sorry if this doesnt make sense
Isn't the knowledge that comes from experience more valuable than the knowledge that doesn't?
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Comments

  • Will they lend you 80% max or on the product your porting? If so can you borrow the additional on a new rate? If so try for somehting with no ties so you can remortgage then together when the deal ends.

    Also why do you have to use there broker, what if your mortgage was with HSBC and you had to port?? I am sure they are trying that on and I am sure its against FSA rules!
    :confused:
  • Thanks Dan Its part of the terms of the part exchange I need to use newhomes mortgages.

    I call BM they said 80% was the maximum I could borrow against that product. To give you figures if this makes any sense.

    My mortgage £55000
    Part ex £73000 + 2k discount on new home

    New home 142000 without discount.
    Equity, £18000
    BM red penalty £3000
    leaves us with 15000 need to keep at least 2000 for legal fees etc. so now down to 11k deposit.

    The only way I can see this happening is redeeming bm said no more than 80% because of the product we have which means we cant port over that and they wont mix products.

    I'm so confused and annoyed I will lose a lot of money because of this.

    Can you suggest a lender I can approach for 95% ltv tops.

    either that I cut my losses try sell my own house and be done with they whole bloody thing.
    Isn't the knowledge that comes from experience more valuable than the knowledge that doesn't?
  • Leon_W
    Leon_W Posts: 1,813 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    The product you had may have had a 80% LTV ceiling especially if it was for subprime or self cert (not saying you are either btw!).

    As Dan says I'd tell them to do one regarding using their broker. In the current climate I would say they would be desperate to sell the houses regardless of who was arranging the mortgage.

    By your earlier figures I would hazard a guess that your income is more than enough for the mortgage, so I'd approach another broker who should find it easy to place. It looks like you will have to bite the bullet on the ERC.

    All the best.
  • Thanks Leon they did say if I could get a better deal then go elsewhere.

    We where sub prime crap credit score been good for at least 2 years now so our rating is getting better but not there yet.

    Any suggestions for a new mortgage lender?
    Isn't the knowledge that comes from experience more valuable than the knowledge that doesn't?
  • Conrad
    Conrad Posts: 33,137 Forumite
    10,000 Posts Combo Breaker
    Beware, almost weekly Im getting lenders stepping back from new build property. Ensure this is one of the first things you check as brokers may find it hard to keep pace with all the changes.
  • Leon_W
    Leon_W Posts: 1,813 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    That explains it then. Thanks for your honesty.

    I can't suggest another lender as without knowing your circumstances fully I could be giving you a (potentially disasterous) bum steer.

    It will all come down to your credit rating at this point in time, but, if as you say, you are getting there, then it's quite possible that there is someone out there willing to lend although you have to appreciate that since post credit crunch it may be more difficult than in recent times.

    You need to speak to a whole of market broker. Get a recommendation from a friend or failing that pick up a Yellow Pages and have a phone round.

    Regards
  • Conrad
    Conrad Posts: 33,137 Forumite
    10,000 Posts Combo Breaker
    I notice you mention your score is impaired, but you need to give us exact details of the following;

    1) Any missed or reduced payments on your mortgage or other secured borroings in the last 12 months?

    2) Any defaults in the last 3 years, if yes, then a date is needed

    3) Same for ccjs - with a date

    4) Do you require self cert or is your income verifiable to a lenders satisfaction?
  • No missed mortgage payments ever or reduced.
    Default none I am aware of.
    No ccjs one for my hubby about 2002 satisfied (he has very little probs getting cards car finance etc)

    I think I need to self cert as my and hubbys basic salary poor 14.6k for me 13k for him but we work in a commissions and bonuses (retail management)
    Roughly I take home 28k a year hubby about 25k

    My last salary was 2k after tax looking the same this month.

    My credit history is very up and down for example got approved for a mbna card this year 0% approved which I understand is good but have a shocking rate when I was younger and this as they say has came back and bit me in the bum. But we are getting better and want to fix our rating.

    We have had a mortgage for 6 and half years never missed a payment never asked for a reduction etc.

    Had car finance for 4 years again no missed payments.
    Hubby 2 years no missed payments.

    Its the old stuff that we can seem to shift.

    I'm so upset just now its unreal why was I so bloody stupid.
    Isn't the knowledge that comes from experience more valuable than the knowledge that doesn't?
  • Leon_W
    Leon_W Posts: 1,813 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    So you need £127,000 ?

    If the income is provable, even with the commision element I can't see why anyone would want to go down the self cert route. You're credit situation even suggests to me that a high street lender would consider it.
  • I'm worried about trying a high st lender Ltsb approved me a few years back and then when it went to formal proceedings they said no!

    My sums are right I need a 91% mortgage.

    Might try online see what happens.
    Isn't the knowledge that comes from experience more valuable than the knowledge that doesn't?
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