Been trying to buy a house recently, problem is i'm a contractor. 1st option. RBS said we'll give you a mortgage with your dad on it it will be 700 a month. Brilliant. Rang them to make double sure, they said yes. I then put an offer in on a house. Offer accepted. Rang RBS, they then said, oh actually because your dads on it and he's 55 we can only do it over 15 years so its actually 1180 a month. Cunts. In a state of panic, went to lloyds. They gave us 2 options: 1. Repayment mortgage with my dad on, over 19 years, 1000 a month. 2. Interest only, which I can change if and more hopefully when I become permanent in my job, 500 a month. I thought great, i'll do interest only untill march which is when my contracts up for renewal and I will hopefully get offered a permenant position. I'll then change to repayment, take my dad off and extend it to 25/30 years. In the mean time i'll pay what I can afford, circa 700 a month. Bank went and did house survey, all good. They sent us mortgage offer in writing of the 1st option, which was the one we hadn't chosen. Rang lloyds and gave them a bollocking, they said sorry, we'll send you the right one out. Had a phone call today now saying that they can only offer us the 1st option. So i've had not one but two banks shit on me, and the house that I'm supposed to be moving into seems to be getting more and more out of reach. So to sum it up, Banks = Theiving Lieing scum.
try chelsea building society.They gave me and the mrs a mortgage when no one else would. Been with them 5 years and not had a problem.Ive just reduced my term by 15 years saving 74,000quid.With current interest rates it works out to 8quid more a month than we were origionally paying,yet they didnt bat an eyelid. HSBC on the other hand....w###ers!!
The thing is its not clear cut because of the situation with regards to me being a contractor and my dads age being 55, most lenders wont go past 75/77. Otherwise I could go on a comparison site and sort it fairly easily. I'll give them a ring and see what they can do tho for sure. Cheers!
You prob stand a better chance with them,than anyone else tbh. My mrs is on a zero hour contract,so is given work at the start of the week.Effectively she has no salary yet they still helped us out by bringing a third party in on the mortgage(mrs mom) as a sort of garantour.
True, that sounds pretty promising. Was going to go down the guarantor route but they didn't like that for some reason either...
Try natwest. That's who I just got mine with. It's a joint mortgage with the misses but based outlet on my salary as she wasn't working at the time.. Very good imo but they dis reduce the lending amount by £10k at the last minute - fortunatley the vendors dropped that amount for us
unfortunately part of the reason we are up shit creek is self cert mortgages so now banks are quite strict on lending criteria...which to be fair sucks for you but it needs to be done. give northern rock a try, i got loads of people with non standard situations placed with them, they are one of the most lenient atm. and they have quite a substantial backer....us.
Cheers for the info guys, I'll ring around over the next couple of days and try and get something sorted. Wouldn't have been so bad if there was better communication between the banks mortgage advisor's and underwriters in the first place I suppose, as its them that say no after the advisors in the branch have said yes..
Ahh man thats fucking shit! Might be worth getting an independant mortgage advisor round n see what they suggest.
natwest is RBS thats the biggest problem tbh. the first system says , on face value this looks ok , the branch advisor says yes , you leave happy , and an underwriter says no. try santander , their advisors ( used to ) underwrite the mortgages in branch so if they say yes then they mean it
I actually have a lot of experiance with this and I'm sorry to say that I think you are going to struggle here. If you are in a position where you have to put your dad on the mortgage (and he has no intention of covering any of the costs monthly) then you really have to question if it is affordable in the long term. Things are great now, rates are low and (by the sound of it) your income is relativly secure. I bet if I were to stress test your application with some nasty interest rates and some unexpected costs the figures would fall well out of your favour though. I completly get putting the application on an interest only basis, but you then need to 100% trust yourself to monitor the situation and clear the capital. Although there are some lenders out there that will be happy to lend quite large numbers, at the end of the day you need to remember that they have your house as security. I don't want to sound all negative, its just that I have all too often seen people with far to much debt than is good for them. Just make sure you think hard about your priorities and remember that just because a lender agrees the loan it may not always bee a good lending decision (unfortunately).
To secure a mortgage these days isnt easy, bought a new house this year and you wouldnt belive the ball ache to get it pushed through. They wanted to know everything and more. Never been so difficult on past mortgages its really changed. What dosnt help is your a contractor, not much you can do there though. My advice, get in touch with a good mortgage broker. May cost you £400 but they are worth their weight in gold if you get a good one and they are going to be more market savvy on what you can borrow and who is giving the best deals particular to your situation.
I went to a place called Gerry Dupree in stone house they're independent advisors and they did all the leg work for me at a reasonable price it was quite easy. Hope it all gets sorted dude.
Actually they shouldnt cost you anything, and if they do they will save more than they cost. Try Deacon on SXOC Doz
Another vote for Gerry Dupree - the lady who has done our new mortgages for the past 15 years has been worth every penny.
Come have a chat with me at HSBC, some of the best rates on the market good (honest) advice and no brokerage fees If you want to see what we can offer just drop me a pm.
Don't listen to him! He's short and looks like a Gerry Anderson puppet, what on earth could he possibly know about financial advice (beyond the obvious of many years working in the financial sector...)?!
I dont want to piss on anyones chips, but if you are going to an advisor you may as well choose a marketwide independant
