[Jackie]

I am sick to death of faceless underwriters who decide whether people get mortgages or not!!!

We have just found out that the bank has backed out from giving us a mortgage 1 week away from signing for the property cos "they don't think we can run a business"!!!

The property we wanted had 5 acres plus derelict kennels. The acres were generally going to be my smallholding with a boarding kennel business, plus it was ideal for my mum to come with us as she has dementia and I look after her. Bare in mind here I have been a breeder and shower for over 20 years, ran my own registered and licensed kennel, boarding any of the dogs I bred plus their 'brothers and sisters'. Pedigree Masterfoods are MY customer!!!! My golden was the first golden to be registered with Dogs for the disabled and because of the I was invited to Crufts as a guest breeder!!!
MY local vets practise used to advise people with pups or breeding bitches to contact me as (quote) I knew more about puppies and breeding than they did!!! There was many a night I got a call out to go to a bitch in trouble whelping. Obviously I never charged for helping.

And those idiots tell me I don't know how to look after dogs!!!!!!!!!

I run a good business renovating houses, some I sell and some are rented out. My husband is a sole trader business. So thats 2 very good businesses we have.

We also have 100k cash sitting with our solicitor as a down payment.

As you my guess I am angry, really, really angry!!! and very upset and sobbing.

[little blue]

We have just found out that the bank has backed out from giving us a mortgage 1 week away from signing for the property cos "they don't think we can run a business"!!!

And those idiots tell me I don't know how to look after dogs!!!!!!!!!

I run a good business renovating houses, some I sell and some are rented out. My husband is a sole trader business. So thats 2 very good businesses we have.

Is it the type of business they're objecting to?
Or just that they think you cant run it successfully?
Get them to make their minds up, you deserve to be given a full explanation/reasoning for the decision.
Then go somewhere else.

Dont get me started on inefficient, lying, useless mortgages companies and my particular favorites - the life assurance people!!

[sandy]

I really really wish I could help...buggers!!!!!! We moved three years ago and got a morgage without jobs??? But we did, like you have a large deposite and it turns out, we both get loads of work and our B&B is doing very very well.......can you get a morgage somewhere else and show them??? FIngers crossed and we all will will the bank for  you!!!

[doganjo]

Jackie, you should copy and print what you wrote above and go down to the bank tomorrow morning, ask to see the manager and thrust it in his face!  Failing that up his 1234!!!   No I'm not going to write that, but but you all know what I mean!  Oh, I am so angry for you.  We were once turned down by the Abbey National because they said we wanted to make a "social move", we asked them what they meant and it apparently it was because the new house was near the hospital and therefore in a better area - well, yes, my husband was on night call and often was half asleep driving to the hospital so we needed a house he could walk from to his Lab.  We walked out after explaining that and went to another building society down the street and got a mortgage from them immediately.

[Roxy]

Had it not been for our very efficient mortgage advisor, I doubt we would have got our mortgage at all.  They seemed to go out of their way to put obstacles in our way ......made us have quite a number of structural surveys because our house was 300 years old ......and even went so far as to suggest we may want to look at other properties.  Our advisor said he could not understand why they were being so funny about it.  We were putting down a very large deposit, so what was the fuss about?

My OH and I were made ill with stress due to the pressure we were put under.  I understand banks have tightened up on who they lend to, but I do wonder how anyone can manage to borrow anything the way some of them are!!

[Croftgary]

Sig up for this and you might not need them!

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[shetlandpaul]

the natwest has a special smallholder/farming unit it maybe worth trying them. we got a morgage without any experiance.

[Jackie]

The property we were trying to buy had 5 other people before us who's sale fell through.

Im not giving up, Ill sell 2 houses then I wont need too much of a mortgage and Ill get it anywhere if we only ask a mortgage or say £40k

We thought we would have no problem as in the past we only had to ask and we got, very easily but this one was a commercial mortgage, so very different!

We produced the required business plan, got valuations for every property we own plus wrote down the income from rents and got that in writing from our letting agent, agreed to have a legal charge on any property we own as well as our down payment of £100k

We paid the bank £1100.00 for the valuation of the s/holding, paid our mortgate advisors £2000.00 as agreed when we got the mortgage in prinicple, have yet to pay our solicitor for his work but expect it to be around £1000.00

The bank didnt like that the property was run down, yes we know but who better than a person who renovates properties to bring it back to life? We know it was going to cost £100k approx to make into a 6 bed house, renovate the kennels etc but we are selling a couple of houses for that.

Littleblue trying to get any truthfull and reasonable explantation is like trying to get blood out of a stone. The bank wont let me have a copy of the valuations, which btw we paid for! If I wasnt such a nice person I would cynically think that someone from the bank wants to buy it cos when its done up it will be worth a lot.

Sandy three years ago banks were literally throwing money at people but it seems as though they have gone too far the other way and not lending anything. We need a sensible middle road to this.

Dogjango Im just angry enough to do as you suggest and tell him to shove it where the monkey keeps his nuts!! lol


Croftgary we did win the lottery 3 years ago! Hubby actually won £122k whilst on a contract 'up north'. He put it in our joint account and went to Scotland on another contract so I bought our first renovation project!!! I thought  'well Les is away if he gets mad hes not here!!'  I didnt tell him till he came back and he didnt get mad cos I got one heck of a deal. 3 years later we own 5 houses plus the one we live in.

Shetlandpaul it is the Natwest we are dealing with! They wont accept its a small holding and insist its only a kennel.

Roxy I think you were very lucky indeed. I do understnd how your huby was made ill with it all so have I been. Even my doctor says now "when are you getting that place Jackie?" I have just got over 3 solid months of one illness straight after another . Stress lowers our immune system so I got UTI with kidney probs, IBS then bronchitis, now I seem to have become allergic to my washing power which I have used for years!!!

[sandy]

Good luck, I can understand why you are soo mad, the banks have gone too far the other way now...too far too late!!!

[Rosemary]

A good mortgage adviser is worth his weight in gold.

[Roxy]

I wish you luck with your mortgage. I have to be honest, had it not been for our very experienced  advisor, we would probably have given up, as we would not have known what the next step to take was!!  He himself was nearly driven round the bend, and for the fee he charged, which was not a lot, I have to say he earned his money with our mortgage.

All I can say is heaven help people who are trying to borrow a big sum of money.  What frustrated us more than anything, was that the value of the property far outweighed what we wanted to borrow.  We had sold two houses, so had a good part of the purchase price. Had anything gone wrong, the bank would definitely have got their share back!!!

[doganjo]

Sig up for this and you might not need them!

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