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AIBU?

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Original poster

Give up on buying a house?

54 replies

Mariagatzs12 · 11/02/2020 07:04

Since July last year we've been trying to buy a house. At first we had a broker who it hunk was only interested in easy cases, the house got over complicated (for him) and he started to make mistakes. That was a lucky escape anyways.
So I found a local one, lovely lady. We found another house. Yes we're pushing how much we can afford but everything looked fine, until yesterday.

My husband was unlucky that he got 3 unpaid leave days (that happened during the year) all being taken from his salary in the same week. Plus another sick day a couple of weeks later. The lender averages the income for the past 8 weeks, so it looks like he's earning 10% less which means we can't afford this house.

The broker is saying she'll appeal but we'll most likely have to find another lender. I'm starting to think she should have foreseen this and now we're completely outpriced of this house. So back to the drawing board and £500 wasted on conveyancers. I'm started to get really down about all of this.

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Original poster
Mariagatzs12 · 11/02/2020 08:38

No it's not her fault but she should have know they average the last 8 weeks rather than a P60 for example

She should have foreseen those days would massively affect our affordability before application.

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Original poster
Mariagatzs12 · 11/02/2020 08:41

The property is abroad, as I don't live there and don't work there can't be remortgaged. Also my family is set against me selling it for whatever reason. They think that buying a house on a mortgage is a good way to have a 'savings" account. Just now my mom has said that I can't sell it. I'm not going to have a fight with my elderly mother over the phone for something she's always been dead set against it.

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WalkingDeadTrainee · 11/02/2020 08:43

@NikeDeLaSwoosh is absolutely right.

NikeDeLaSwoosh · 11/02/2020 08:45

Ok, so you can't sell it if you run into difficulty, so my original point stands.

Living so close to the edge financially is a very bad idea. Lenders really, really want to lend to you, it's how they make their money and they expend vast sums in advertising to get new borrowers through their doors.

If they are declining to lend to you, there is a good reason and you would be well advised to take the hint.

Original poster
Mariagatzs12 · 11/02/2020 08:46

In rent that property would pay 3x the interest over 29 years. 100k (of mortgage interest) Vs 300k in rent

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NikeDeLaSwoosh · 11/02/2020 08:49

So why hasn't your lender taken this into account in their affordability calculations?

Beau2020x · 11/02/2020 08:51

Find another broker and do not give up!!! There will be a lender out there for you! Go to a broker who specialises in cases with old debt/CCJs the likes, these are the brokers who know the market like the back of their hand. Our broker was fab, we were rejected by the first lender at AIP stage. But rather than appeal it he just searched the market for a lender that he knew would accept us. There was a huge gap of about 40k between what each lender was prepared to lend us. So if we can go from one lender that will only lend 150k to another that will lend 190k with small deposit it is 100% possible for you. If I also know people who have been been accepted with CCJs which where only settled just before applying for a mortgage, with a 5% deposit.

Good luck and don't give up!

TitusP · 11/02/2020 08:53

OP, we found NW to be very generous with how much they were willing to lend. If we had taken the maximum they offered we would have been in a lot of trouble financially with the minimum of changes. I would seriously suggest you rethink your affordability.

Original poster
Mariagatzs12 · 11/02/2020 08:56

We're saving on rent, saving on fuel (as the new house is within walking distance to work) and I'm getting a payrise once I get back. That plus £12k that are not taken into account as it's foreign currency (which is fine).

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NikeDeLaSwoosh · 11/02/2020 08:59

Why do you think they aren't taken into account?

FritzDonovan · 11/02/2020 09:04

No it's not her fault but she should have know they average the last 8 weeks rather than a P60 for example
So you're saying she should have told you to wait the required number of weeks until these days didn't show within the 8 weeks? How would that make anything different from waiting now?

Letsnotusemyname · 11/02/2020 09:10

Why are you going through brokers? They take a cut.

With a bit of detective work, visits to building societies etc you can do it yourself and save.

A bit intimidating at first but worth it.

showmethegin · 11/02/2020 09:32

Can I ask where you are located OP? We have just used an absolutely fantastic mortgage broker; he's totally independent and got us a fantastic deal. Feel free to PM (but let me know if you have so I can check off the app)

showmethegin · 11/02/2020 09:33

(And his services were free, he takes his fee from whichever lender you go with)

Original poster
Mariagatzs12 · 11/02/2020 09:49

No Fritz but she but she could have either used a different lender or asked us to wait. Which is what is going to happen anyways but could have been prevented.

Nike most lenders don't take foreign income into account.

I used a broker because of the ML. But quite frankly in starting to think they aren't that great. With my first house they messed it up too, second house/remortgage we went directly.

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FritzDonovan · 11/02/2020 09:58

she could have either used a different lender or asked us to wait

I do think you're being a bit harsh. She obv chose NW because there was some advantage to doing so (did she say?), and if she'd asked you to wait, you'd be in exactly the same position as now, you haven't really lost out on anything, have you? (Serious question, not sarcastic.) Perhaps she took the chance hoping to resolve it quickly.

Original poster
Mariagatzs12 · 11/02/2020 10:05

So far of were able to complete, no loss.

She said she used Nationwide because of affordability. We said we first met that we had a bit of leeway with the deposit in case affordability became too problematic.

IMO it could have been do you want to wait or how much more can you put towards your deposit and then let us decide.

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Original poster
Mariagatzs12 · 11/02/2020 10:09

I think we'd have to wait two extra weeks for the worst week to not be part of the sample. My husband could work an extra day to cancel out the other day, bit not sure underwriters would see it that way.

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Mycatwontstopstaring · 11/02/2020 10:16

Haven’t read whole thread but I suggest you stop blaming broker and take control of the process yourself. Ten minutes on google will get you the same deals the broker is finding (we actually found a much better deal through money supermarket than our ‘broker’! She didn’t tell us about that one because the lender doesn’t pay brokers. So we fired broker and sorted it out ourselves.)

You are going to need to provide a letter to the lender from your employer, stating that you are a full time employee currently on maternity leave and you will be returning to employment on [date] with an annual salary of [amount]. Get this letter sorted now.

Find some good mortgages using online comparison sites, then speak directly to the banks about what they require / what to do about your partners payslip issue. Ideally buyers should get a mortgage agreed in principle BEFORE making offers on houses or paying conveyances.

Original poster
Mariagatzs12 · 11/02/2020 10:23

Mycat I had three AIP before we offered on the house.

I'm not blaming her, I'm just saying she's not doing her job up to standard.

I'm really tempted to just do it myself. All the rules for lending are available to anyone if you know where to look for them.

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OhMyWord123 · 11/02/2020 10:26

@ Mariagatzs12 please don’t give up. I have just been through the exact same thing and tbh if it wasn’t for the fact I had just found out I was pregnant and for my dp always telling me “ it’s going to be worth it “ I would have gave up too.

My mortgage advisor ( independent ) was a complete nightmare! Always drip feeding us information, had to chase for updates, I ended up going directly to our lender at one point and asked if we had been approved as our advisor ignored us for 4 days and they told us we had been approved a week prior!! And don’t even get me started with what they done with changing our lawyers without telling us and we only found out when we called the first lawyer with regards to getting some forms signed and they told us they were no longer our lawyer! As I said total and utter nightmare Angry

Hang in there op, it will happen and once it does it’s such a weight lifted x

Original poster
Mariagatzs12 · 11/02/2020 10:36

ohmy that sounds exactly like our first broker, I wonder if it's the same one!!

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Original poster
Mariagatzs12 · 11/02/2020 11:54

Broker will appeal with more recent payslips. But what I've seen from other forums it's unlikely to change the outcome

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TitusP · 11/02/2020 12:55

Just had a thought OP, if you are really insistent on pushing forward I would apply to NW yourself directly. They accepted a letter from my employer on letterheaded paper to salary would be going up to £x on x date and did their whole calculations based on that one piece of paper. Seems much less stringent than what they are asking you for. I wonder if they have different rules if you go through a broker?

Original poster
Mariagatzs12 · 11/02/2020 13:18

Thanks *Titus" at this pace I'll try anything! Our lives have been on hold because of this house purchase.

Although part of me days it shouldn't be this hard!

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