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mortgage advice help needed urgently - Carers UK Forum

mortgage advice help needed urgently

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We have just sold our house in auction yesterday as it's no longer fit for the requirements for our son, we enquired withour current mortgage lender ( natwest ) as to wether they would give us another mortgage for another house and we were initially told yes £35k or more if the length was extended, so we went ahead and put the house in auction and it's sold.

now today we've gone into our local natwest branch and the mortgage advisor wasn't there so we were given her card and told to ring natwest direct now we are being told we can only get 21k mortgage ( which is neither use nor ornament ) and in 3-4 weeks we've got to move out.

We've been in to hsbc and have an appointment on monday with the mortgaga advisor but it's not looking good, the house we have found that suits our sons needs we need a 50k mortgage for with us putting 40k down, what do we do?
it's all gone horribly pearshaped and to top it all off the current mortgage with natwest is 41k and we've been paying it without any problems i mean what the hell? why are they now slashing it by 20k?

this is going to be a very worrying 3 weeks.

any advice?
Do you have anything in writing? Was your original enquiry when you were told that you could borrow £35,000 or more if you extended the length of the loan in person or by telephone, there may be a recording of the mortgage offer if it was by telephone, most organisations now record calls.
nothing in writing but it was a phone call, my other half even mentioned that she had rang before we put the house up for auction ( and was told we would be able to get a 35k mortgage) when she rang today, the woman on the other end just went blank. I also thought that there may be a recording of the convo as well but don't know if it would help us at all.

they are using some kind of afordability calculator and aparently with our dla and income support payment we wouldn't be able to afford the 50k mortgage we need, however when i did the calculation we would be able to afford it no problem and thats not taking into account any other benefits we receive.
it's really crazy and she's been paying this 41k mortgage for the last 9 years on her own with the same benefits, even if they would give us the 35k mortgage that would be a huge help
we just don't know where to go from here.
Hello Redfang - I'm afraid that I don't have any advice for you, as I really don't know about such situations.
I can only offer you both a virtual ((((((((hug))))))) and hopes for the situation being resolved in the best way for you both xx
My understanding of selling and buying at auction is that, unlike selling a property via an estate agent, it is binding on both parties and there is no way in which one can change their mind. My first thought is can you negotiate with the purchaser to extend the date on which you have to vacate the property in order to give you more time to sort out the mortgage situation? Also presumably you had already made an offer on another property before selling yours or had you intended to rent privately before purchasing again?

I do think that you need to access specialist advise as soon as possible, Shelter may be able to help you or a CAB, someone might come up with another organisation or some better advice, but if you are on means-tested benefits the capital from the sale could impact on your benefits situation as well, I cannot remember if there is a period of time during which the proceeds of sale are ignored in this situation, you would need to check this.

I wish that I could be of more help, any recording of a telephone conversation during which a firm mortgage proposal was made would help I would have thought, also if you explained what you intended to do and there was a clear indication that this would not be problematic but I think that this is such a specialist area that specialist advice is needed.
the idea was we were going to rent for a while in the area we wanted to move to while we found the house we wanted but whats annoying us most is we put the house in the auction after the guy at natwest had told us we could get 35k+ mortgage had he told us 21k we wouldn't have bothered so now we're stuck. we're fine for moving out really as there will be money there to rent with for a while but it's just this situation with the mortgage.
i'm considering having a talk with the solicitor about it because surely it can't be right for them to do that, and i'm sure my other half had mentioned that she was enquiring about the mortgage amount because we were unsure about wether to put the house into the auction or not and that was the deciding factor being told that she could get a 35k mortgage at least and more if the term was extended.

was really mostly hoping maybe someone knew of a mortgage company who would take on people on benefits but your advice is of great help and much appreciated Image

Have you tried applying for a mortgage throught the internet to avoid the "jobs worth" in the branches.?

id get to citizens advice as well,,

they know so many odds n sods u may get some more help, and u may be entitled to more help

fingers will be crossed for u

good luck with it alll
I would be very careful about applying for a mortgage with the sort of company you mention, they tend to charge prohibitive rates of interest and they are not normally the best option, far better to shop around the high-street banks and building societies.

Have you considered shared ownership via a housing association, dependent on your financial circumstances you could be entitled to help with the rent element and with the lower mortgage offer it might provide a solution? This HA specialises in properties for people with disabilities, I realise it may not be of any use or interest to you but there may be other specialist housing providers:

http://www.bromfordgroup.co.uk/main.cfm ... H&MenuId=1

If your post was directed to me, I didn't mean going outside the main stream, what I meant was go to the sites of the main lenders eg. Nationwide, HSBC etc, use their calculator and if the repayments/mortgage offered looks OK, take it further. If the post wasn't for me, please disregard this post.

God I'm stressed just thinking about it all, going to have a drink and a smoke -now where is that bottle!!

Take care, BS