hoff Posted January 17, 2008 Share Posted January 17, 2008 Me and my girlfriend have been looking for a house for a little while now and have found one. Its a local needs (section 106) house, which we qualifie for. This particular local needs deal gives a reduced price of 20%. Now the problem is if we use the develpoers mortgage people they require a 5% deposite, which to be honest will leave things very tight. However, we can get a 100% for the amount we need, but the trouble is that very few lenders lend for a local needs house because if something was to go wrong and they reposessed the house they can only sell under the same local needs agreement. So does anyone know a mortgage lender who is prepared to lend on local needs? Cheers:) Link to comment Share on other sites More sharing options...
jefferson Posted January 17, 2008 Share Posted January 17, 2008 have you tried Abbey? - they lend on pretty much everything and every situation Link to comment Share on other sites More sharing options...
juanchan Posted January 17, 2008 Share Posted January 17, 2008 Ad, have a chat with a local Independent Financial Advisor - they should be able to tell you everything you need to know (free too!). I spoke to a couple when trying to find a mortgage and they were very helpful. The only issue I had with them was that they all told me I should sell the Supra as "you're young - get rid and you can afford a bigger mortgage. There'll be time for fast cars later in your life" How little they know me Sorry I can't help you though Link to comment Share on other sites More sharing options...
Pete Posted January 17, 2008 Share Posted January 17, 2008 I've just read in the local rag that mortgage lenders are tightening up a bit and offering 90% mortgages where they would've offered 95% and most 100% ones are requiring a guarantor. It's not a good time at the moment I'm afraid. Link to comment Share on other sites More sharing options...
Havard Posted January 17, 2008 Share Posted January 17, 2008 have you tried Abbey? - they lend on pretty much everything and every situation Link to comment Share on other sites More sharing options...
_Lynz_ Posted January 17, 2008 Share Posted January 17, 2008 Adam, I work for an Independant Financial Advisor, so if you want you can PM me all the details and your phone number and I'll get him to look into it for you tomorrow and let you know? Link to comment Share on other sites More sharing options...
far Posted January 17, 2008 Share Posted January 17, 2008 surely if things are that tight you should question running a 3 litre car/ sell the car and get a deposit for the house. After all that is more important Link to comment Share on other sites More sharing options...
mathew Posted January 17, 2008 Share Posted January 17, 2008 what juanchan said. i went to an independant mortgage dude and he was brilliant. sorted everything out for me. what is a local needs house anyway? Link to comment Share on other sites More sharing options...
juanchan Posted January 17, 2008 Share Posted January 17, 2008 surely if things are that tight you should question running a 3 litre car/ sell the car and get a deposit for the house. After all that is more important Depends what "tight" means. I'd say my situation is currently tight due to buying my own place last summer, but that won't stop me owning and running the Supra just yet Link to comment Share on other sites More sharing options...
creative Posted January 17, 2008 Share Posted January 17, 2008 have you tried Abbey? - they lend on pretty much everything and every situation I beg to differ...... Link to comment Share on other sites More sharing options...
jefferson Posted January 18, 2008 Share Posted January 18, 2008 I beg to differ...... why would that be? - have you had difficulties with Abbey? pm me details of any issues and i will look at it for you hoff if you need any help - pm me with any details and i will get back to you when you say local needs housing - do you mean a key worker scheme or affordable housing scheme? Link to comment Share on other sites More sharing options...
creative Posted January 18, 2008 Share Posted January 18, 2008 why would that be? - have you had difficulties with Abbey? pm me details of any issues and i will look at it for you when we came to remortgage about a year ago our fixed term was up with hsbc. so we thought we would shop around... abbey came out good and assured us everything would be ok. came round to the week our fixed term ended and low and behold they turned us down... I have a poor credit rating anyway but we already had our mortgage for 2 years and no problems with that the first time round...... They then proceeded to set up a DD for life insurance on a mortgage that didnt exist and charged us for the privilage. Currently claiming the money back on that as we noticed after 3 months and they still continued to charge us... lol they hate us at our branch of abbey now... Link to comment Share on other sites More sharing options...
hoff Posted January 18, 2008 Author Share Posted January 18, 2008 Cheers everyone. Ive had 2 meetings today with brokers and therer seemsd to be hope. Abby were mentioned both times. And with a 3% deposite Halifax are almost dead certs to lend. Lydz, thanks hun for the offer. Ive only logged on just so missed it. But if these guys turn out to be a no go I'll give you a shout;) Link to comment Share on other sites More sharing options...
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