I know that lenders have become a lot stricter recently. I thought it might be hard but it’s been a nightmare from the start. Is it suppose to be this difficult?
I’ve been renting for years and always wanted to buy my own place. I put an offer in on a flat two weeks ago which was accepted. I work full time and have been in the same job for the last 6 years. I’m not a huge earner but I do ok, have managed to pay my rent (which is more than what my mortgage will be) every month for the last 5 years. I’m only borrowing 75k. Originally we thought I could borrow up to 100k but they came back and said no as I still had car finance to pay off (only 3k left). A close family member offered to pay it off for me using a credit card in their name and I will just pay them back every month. All sorted. I was told once the car was paid off I could borrow up to that amount but no, I can only borrow up to 79k, wtf?
Luckily the flat I’m purchasing is only 80k so I’m finding the other 5% myself. Firstly the mortgage was declined due to a credit check, no idea why and my broker didn’t either as she checked my credit score and all seemed fine. I’ve never missed any payments. We sorted that. She found me a good offer, 5 year fixed rate, affordable etc. Put the application through which was agreed. I could tell the broker was getting a bit frustrated as they just kept on coming back asking for more information. Finally yesterday all seemed okay, I was sent the mortgage illustration and direct debit form to sign which I then sent back to my advisor. Lender has now come back and said that the offer was based on a government scheme (no idea what that is) which means I’d have to fill out lots of forms and meet their criteria. I asked my broker why that wasn’t advertised before we put the application through/waited for the underwriter to agree etc. Now we’ll have to look for another one.
Every time I think it’s all sorted, they come back with something else. There’s been so many obstacles in my way. I’m wondering if it’s always been this difficult. Just feel so frustrated with the whole process.