Hi,
I completed my IVA in January 2009. Thank goodness for that. As i was moving home i was unable to get a mortgage. Andrew Parsons from the IVA forum advised me to go with Melton Mowbray Building Society and i got a mortgage offer. The contracts had been signed and we were ready to complete but the lender would not accept the lease as it was. They want the lease to be upgraded from a "good" lease to an "absolute" lease. My solicitor said that 99.99% of the time lenders accept an indemnity policy to cover this, but my lender doesnt want to know. So far this has taken 7 weeks and we dont seem to be getting any where. I have tried to get a mortgage with another lender but the interest rate is extremely high 11.0% for an interest only mortgage for only £49,500 whereas i need to borrow £67,200 and am putting down a deposit of 30%. My mortgage offer with Melton Mowbray runs out at the end of August 2009. Please could you help.
Hi Antony So sorry about the name. Just a little confusion. My financial advisor is trying so hard to get a deal elsewhere but is struggling. Any advise on the lease?
