HELP! Urgent loan needed

[lookinforinfo]

Any chance you could get several new credit cards lined up and use them for the

£6000? As you know you have got quite a few grand to come soon from your

benefactors [!]at Abbey so it would be a short term thing.

[noobrider]

My credit rating...lower than a snakes belly button see above

[dax]

Hey Noob

 

You could always try the sharks, Blemain finance. They will give you a loan at high interest, are total ****s, but may get you out of a crisis that you can resolve later. Their will probably be an early redemption charge if you want to pay them back early, in one...but they prey on people in vulnerable circimstances for buisness so cross that bridge later. Im not recommending them but if your backs against the wall, it may get you to where youre going and as its not a high amount.

 

They prefer home owners, but may lend anyway.

I warn you if you miss payments they will add charges....

[gizmo111]

Ask mortgage co to extend offer - shouldn't be a problem - try future mortaes for secured loan on property and see if vendor will wait a month or so till you have balance - I thought you were living in house?

[JonCris]

Depending on the property valuation which if I recall exceeds the mortgage requirement you should be able to get a 100% mortgage from you current proposed lender.

 

I suspect if its being insisted that you find 6K its to pay your rip off brokers fees & not as part of your mortgage

[noobrider]

I'm renting at the moment, The property I'm buying was originally £125K I negotiated the price at £117K the mortage was 95% £111K hence a £6K deposit required. New broker will see us on Monday so I'm hanging on till then

 

Thanks for everyones help on this one it has been a boost and given me some hope

[ukaviator]

Hi Noobrider

 

That is what i was trying to say the other day.The estate agent broker would be helpful in this case.I know you have a mortgage lined up,but nothing stops you trying for a new one in the meantime.Good luck with the purchase.

 

Ukaviator

[noobrider]

Sorry, UK I misinterpreted your comments. I'm feeling rather hopeful that the new broker, who is affiliated to the estate agent I'm buying from and who coincidentally is also my landlords letting agent, will come up with the goods. Interestingly I received an Equifax newsletter today that stated getting a mortgage with bad credit is now much easier due to the market forcing lenders to consider short term credit history rather than the old stuff...which is my case in point.

[ukaviator]

Hi Noobrider.

 

As i explained if you go down the self certification route.You will have to provide paperwork to the estate agents broker.He or She decides on behalf of the Mortgage company if you can pay or not.It was designed for the self employed,but more and more people are going down this route to get on the housing ladder.By giving you the information you could have applied for another mortgage and not accept the other one.You should hopefully be sorted out within a couple of weeks or earlier if you explain to the financial advisor your issues..

 

Good luck

 

Ukaviator

[noobrider]

should be, the searches etc are all completed. I got an "affordability" mortgage last time which can give you up to 5 times your salary based on the fact that you can allocate around 60% of your income to the repayments...it actually worked out that it was more like 40% of my salary so I was well within the guidelines. I'm feeling a little more upbeat at the moment but you guys can take credit for some of that with all your support.

[ukaviator]

Hi Noobrider

 

We are here to help.Let us know how you get on with the Financial advisor on Monday.

 

Good luck

 

Ukaviator

[gizmo111]

Hi Noobrider.

 

As i explained if you go down the self certification route.You will have to provide paperwork to the estate agents broker.He or She decides on behalf of the Mortgage company if you can pay or not.It was designed for the self employed,but more and more people are going down this route to get on the housing ladder.By giving you the information you could have applied for another mortgage and not accept the other one.You should hopefully be sorted out within a couple of weeks or earlier if you explain to the financial advisor your issues..

 

Good luck

 

Ukaviator

 

A self cert is just that you don't provide anything - just the amount of your earnings - all co's have lending criteria and that can be found on their websites

Birmingham Midshires are ok on self cert as is Platform The mortage business and a few others - they ignore bad credit over 3 years old.

[tamadus]

Noobrider, I wish you the very best of luck. You have some very sound advice in this thread which I can't really add to, but you have the support of all of us and I am sure that if you take a bit of time and think it through you will soon sort out this problem.

[noobrider]

Well its looking good after a visit from my new mortgage broker. He believes he can get me a 100% mortgage and have it sorted in the next 2 weeks.

[tamadus]

Thats great news noorider, good luck

[ukaviator]

Hi Noobrider

 

Well done.Did you go the self cert route?. . You had a rough few days there earlier.Hopefully now you will put all of the agro behind you.

 

Good luck

 

Ukaviator

[noobrider]

No it's not a self cert mortgage, it's a fairly standard interest only one that allows 4 times annual salary. and they are kinda using the equity in the hose from the for sale price to the purchase price difference as a deposit which although means a 100% mortgage in reality, on paper it looks like a95% mortgage. Just got to get a new surveyor and make sure I fit all the criteria first but it's looking good.

[G1BB0]

I had similar problems... got offered a friends house that was valued for 170k and she only wanted 115k (value of mortgage) and 10k to relocate with her kids. This was extreme circumstances due to marriage split and potential repossession.

 

Luckily I was able to get a self cert for 100% (was actually for £130000 to cover fee's etc and pay back family), albeit at a higher rate (currently 6%) than the high street. But we got there in the end with a bit of borrowing from family. All in everything including searches etc etc was done in 5 weeks!!!

 

where theres a will theres a way so good luck and I am sure you will get there

[ukaviator]

Great Noobrider..good luck

 

Ukaviator

[noobrider]

OK people thought I'd better give an update on the situation seeing as everyone has been so supportive on here.

 

I got a mortgage agreed in principle where the lenders will loan me 100% of purchase price but use the equity in the house already as the deposit so on paper its a 95% mortgage. All going fine until the surveyor cocked up and misread the documentation and valued the house too low. Luckily the mortgage broker, the estate agents and the mortgage company all spotted a flaw in his valuation that he had based his valuation on a similar house sold 12 months ago. They appealing for him to amend his valuation. Also the solicitor I am using cannot be used by the mortgage company as they need a minimum of a partnership a single guy wont do...anyway. The mortgage broker has managed to switch all the files to a suitable firm of solicitors and he, the estate agents and the mortgage company are sure that it should all be sorted by Monday next week.....in the meantime the vendors have decided to put the house back on the market...the estate agents said they will make as many excuses to put people off buying it as they really want us to get the house. Finally I'm getting some backing from the people that can actually influence everything....the tide is turning but I'm not completely out of the woods yet.

[tamadus]

Thats great news noobrider glad to hear its going so well and lets hope the next time you post is to tell us your moving in on saturday

[noobrider]

yeah kind of a good news bad news post but its heading in the right direction

[lookinforinfo]

Good news Noobrider. Keep us posted. After all of this, paying the mortgage each month will seem like a doddle.

[JonCris]

OK people thought I'd better give an update on the situation seeing as everyone has been so supportive on here.

 

I got a mortgage agreed in principle where the lenders will loan me 100% of purchase price but use the equity in the house already as the deposit so on paper its a 95% mortgage. All going fine until the surveyor cocked up and misread the documentation and valued the house too low. Luckily the mortgage broker, the estate agents and the mortgage company all spotted a flaw in his valuation that he had based his valuation on a similar house sold 12 months ago. They appealing for him to amend his valuation. Also the solicitor I am using cannot be used by the mortgage company as they need a minimum of a partnership a single guy wont do...anyway. Not unusual & am surprised broker didn't know this The mortgage broker has managed to switch all the files to a suitable firm of solicitors and he, the estate agents and the mortgage company are sure that it should all be sorted by Monday next week.....in the meantime the vendors have decided to put the house back on the market...the estate agents said they will make as many excuses to put people off buying it as they really want us to get the house. Really! if they mean it they are very naughty & I should keep it to yourself Finally I'm getting some backing from the people that can actually influence everything....the tide is turning but I'm not completely out of the woods yet.

Good luck

[noobrider]

Here are the latest developments..

The surveyor finally agreed to change his valuation but then insisted on a damp proof and tie bar survey with a particular company...I had to pay the fee. Well I paid that and they finally went last week onlt to find that suprise suprise it needs both a damp proof course and a tie bar...total cost £1550.

 

To cut a long story short and with lots of negotiating the mortgage company, solicitor survey and vendor have now all agreed to a £1550 reduction in the cost of the house and the mortgage. This was finally agreed this Monday. Mortgage company said an offer would be issued to this effect by the end of the week. Well It's thursday night and I still haven't had the offer. They also dropped a bombshell on me that they would require £549 admin costs on completion of the mortgage...after all I've paid out so far I just don't have this money so I'm off to find a loan tomorrow. I also have to fin £500 for the mortgage broker...£300 for the solicitor and now the flippin landlord is getting really funny with me as my tenancy agreement ran out on the 31st October and I could only afford to give him 2 weeks worth of rent...I've had my two weeks...probably got another 2 weeks to gobefore completion provided I can find a loan for the release of the mortgage funds.

 

I swear to god I will never buy another house...if I ever get to move into this one the only way I'm leaving is in a wooden box.