Preferred mortgages - help please.

One_Fine_Day_2

I am in the process of buying a shared ownership property and, whilst in a well-paid job now and being sensible with my finances, I have loust credit history from the past which is yet to drop off the page. This meant that the Nationwide refused to lend to me, and Preferred became the only option.

Everything has been going through smoothly and we hope to move in four weeks, but the mortgage lender now tells me that they are awiting an 'RSL' form from the housing association to confirm that it is indeed a shared ownership property and that if it isn't received by Wednesday the deal is off. I have been on to the housing association to chase the form, and it has now been done, but the lady from the housing association tells me that another client who is also using Preferred (and who had a firm offer) is finding it impossible to actually get the money released and that the whole company seems to be "shutting down" and are no longer interested in returning calls etc.

I can't get hold of my mortgage advisor, and am obviously concerned. So...

1. Are Preferred in the dire straights she'd have me believe?

2. Can you suggest any last alternatives for a shared ownership mortgage for someone with a shonky past?

Thanks in advance.

One_Fine_Day_2

That should have said "lousy" credit history.

Conrad

They put most of thier staff on garden leave 3 weeks ago and are no longer lending.

They were I think about the only adverse credit shared ownership source left.

One_Fine_Day_2

Thanks Conrad - clearly not the news I was hoping for, but I appreciate your reply. When you say that they're "no longer lending", does this include people who had already been offered a mortgage and are just waiting to exchange, or does it only apply to completely new applicants? <clutching at straws>