[Jackie]

Most people who have had no problem with this have applied for their mortgages several years ago. 3 to 4 years ago banks were throwing money at people but not now after this credit crunch.

Times change and so do mortgage criteria, we have just gone through this and it took nearly 8 months to convince a bank about a commercial mortgage so go domestic if you possible can..


We offered a price, it was accepted on 1st September, we pick up the keys on Monday. We had a down payment in cash of £100,000.00 and needed £150k mortgage and it took us trying 5 banks before we got a bank to believe in us. The bank said they would lend us £100k as a mortgage and £50k as a bridging loan so we have to sell one of our houses to pay the loan. By their own valuation as soon as we move in and paint the place it will be worth £100k more.

Thats how hard it is now.