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turbobloke
55,489 posts
129 months
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Andy Zarse said: Dracoro said: I "suspect" there's more to it than we are led to believe. I suspect that they determined that they couldn't afford the mortgage due to number of other outgoings, one being the not insignificant rising cost of fuel. No there isn't any other reason. The lender only allows a 60 mile commute. End of. The joke is the people are actually moving north of Southampton (Chandlers Ford) to be closer to the motorway! Decisions made by computer save money for the lender but some very curious outcomes arise as here. I'm sure there was a PHer some time ago describing their experience of applying for a mortgage with cash at bank sufficient to buy the property outright, but had their mortgage application refused. IIRC they then bought for cash. Clearly somebody with cash at bank could go and spunk the lot on coke and hookers after showing the lender a bank statement or two but back in the real world the decision seemed daft at the time and still does. Just like the 60 mile commute limit - wtf?!
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Pork
7,829 posts
103 months
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loafer123
2,698 posts
84 months
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turbobloke said: Andy Zarse said: Dracoro said: I "suspect" there's more to it than we are led to believe. I suspect that they determined that they couldn't afford the mortgage due to number of other outgoings, one being the not insignificant rising cost of fuel. No there isn't any other reason. The lender only allows a 60 mile commute. End of. The joke is the people are actually moving north of Southampton (Chandlers Ford) to be closer to the motorway! Decisions made by computer save money for the lender but some very curious outcomes arise as here. I'm sure there was a PHer some time ago describing their experience of applying for a mortgage with cash at bank sufficient to buy the property outright, but had their mortgage application refused. IIRC they then bought for cash. Clearly somebody with cash at bank could go and spunk the lot on coke and hookers after showing the lender a bank statement or two but back in the real world the decision seemed daft at the time and still does. Just like the 60 mile commute limit - wtf?! Plenty of Irish borrowers had alot in cash in the bank at one time, offered personal guarantees and are now bad debts of spectacular proportions. Unless the cash in the bank specifically secures the loan and cannot be touched by anyone else, it is simply a "nice to have", not proper security for the loan.
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Keyser Soze
10,941 posts
60 months
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Andy Zarse said: Dracoro said: I "suspect" there's more to it than we are led to believe. I suspect that they determined that they couldn't afford the mortgage due to number of other outgoings, one being the not insignificant rising cost of fuel. No there isn't any other reason. The lender only allows a 60 mile commute. End of. The joke is the people are actually moving north of Southampton (Chandlers Ford) to be closer to the motorway! We almost lost our mortgage in Nov for the same reason, lender didn't think it was acceptable that Iwas moving to Kent but would be working in London, I did want to ask what f  king business it was of theirs as we weren't borrowing anywhere near the calculated max based on our salaries but I bit my tongue and calmly explained (for the 3rd time) that although our head office is in town I would mainly be working from our Kent office Lenders IMO have a default position of not wanting to lend at the moment and you have to work bloody hard to convince them otherwise
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ewenm
24,454 posts
114 months
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loafer123 said: Plenty of Irish borrowers had alot in cash in the bank at one time, offered personal guarantees and are now bad debts of spectacular proportions.
Unless the cash in the bank specifically secures the loan and cannot be touched by anyone else, it is simply a "nice to have", not proper security for the loan. I'd expect a lender to say "that £100k in the bank, add it to your deposit and we'll lend you the difference". Cash securing a loan  Cash pays down loans, it doesn't secure them.
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loafer123
2,698 posts
84 months
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ewenm said: loafer123 said: Plenty of Irish borrowers had alot in cash in the bank at one time, offered personal guarantees and are now bad debts of spectacular proportions.
Unless the cash in the bank specifically secures the loan and cannot be touched by anyone else, it is simply a "nice to have", not proper security for the loan. I'd expect a lender to say "that £100k in the bank, add it to your deposit and we'll lend you the difference". Cash securing a loan Cash pays down loans, it doesn't secure them. Exactly.
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turbobloke
55,489 posts
129 months
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loafer123 said: turbobloke said: Andy Zarse said: Dracoro said: I "suspect" there's more to it than we are led to believe. I suspect that they determined that they couldn't afford the mortgage due to number of other outgoings, one being the not insignificant rising cost of fuel. No there isn't any other reason. The lender only allows a 60 mile commute. End of. The joke is the people are actually moving north of Southampton (Chandlers Ford) to be closer to the motorway! Decisions made by computer save money for the lender but some very curious outcomes arise as here. I'm sure there was a PHer some time ago describing their experience of applying for a mortgage with cash at bank sufficient to buy the property outright, but had their mortgage application refused. IIRC they then bought for cash. Clearly somebody with cash at bank could go and spunk the lot on coke and hookers after showing the lender a bank statement or two but back in the real world the decision seemed daft at the time and still does. Just like the 60 mile commute limit - wtf?! Plenty of Irish borrowers had alot in cash in the bank at one time, offered personal guarantees and are now bad debts of spectacular proportions. Unless the cash in the bank specifically secures the loan and cannot be touched by anyone else, it is simply a "nice to have", not proper security for the loan. Sure, agreed, that and the coke & hookers. In the context of computer says no, and just out of interest, I got to wondering how many repossessed folk ever had the purchase price of their house in the bank. Ireland cited here - again OK but in percentage terms on UK domestic mortgages?
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Alfa numeric
2,414 posts
48 months
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Keyser Soze said: Andy Zarse said: Dracoro said: I "suspect" there's more to it than we are led to believe. I suspect that they determined that they couldn't afford the mortgage due to number of other outgoings, one being the not insignificant rising cost of fuel. No there isn't any other reason. The lender only allows a 60 mile commute. End of. The joke is the people are actually moving north of Southampton (Chandlers Ford) to be closer to the motorway! We almost lost our mortgage in Nov for the same reason, lender didn't think it was acceptable that Iwas moving to Kent but would be working in London, I did want to ask what f king business it was of theirs as we weren't borrowing anywhere near the calculated max based on our salaries but I bit my tongue and calmly explained (for the 3rd time) that although our head office is in town I would mainly be working from our Kent office Lenders IMO have a default position of not wanting to lend at the moment and you have to work bloody hard to convince them otherwise My OH is Australian and was on a work permit when we bought our place 18 months ago. The only high street bank that would touch us was HSBC, and only then because I was a Premier customer with them. The house next door to me went up for sale a couple of months ago and (according to the flyer they posted through our door) was sold for above asking after a three way bidding war three days later. The tennant moved out and now it's sitting empty as the sale's fallen through. We've only seen one viewing since, although admitedly we've not been round much.
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Derek Smith
16,043 posts
117 months
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Andy Zarse said: The brevity of your initial statement belied your integrity. I knew you wouldn't be like that!  Brevity and me, not often in the same post. I've told our second choice that we are interested but are about to put an offer on another place and see how that goes. Then my wife said that she'd like to visit first choice again just to make certain. Women, eh! Can't live with them, not allowed to kill them. It is remarkable how much you can miss on two visits. Tuesday now for the third visit.
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Deva Link
26,934 posts
114 months
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Andy Zarse said: Here's piss boiler.
A friend is a mortgage broker and they've just had a perfectly good application turned down by a major lender.
The reason was that the second applicant’s commute to work is over 60 miles. They both go up the M3 every morning along with about a million other people. This is a good thing, surely? If every lender adopted that policy then the M3 wouldn't be so busy! I wish lenders would only lend on Manchester & Leeds properties to people who work in the same area - the M62 being jammed in both directions every rush hour has always seemed ridiculous to me.
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Dracoro
6,674 posts
114 months
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Andy Zarse said: Dracoro said: I "suspect" there's more to it than we are led to believe. I suspect that they determined that they couldn't afford the mortgage due to number of other outgoings, one being the not insignificant rising cost of fuel. No there isn't any other reason. The lender only allows a 60 mile commute. End of. The joke is the people are actually moving north of Southampton (Chandlers Ford) to be closer to the motorway! Odd. Anyway, there's plenty of other mortgage lenders out there. As far as I remember, distance from work was NOT one of the questions we were asked when applying for out mortgage (back in March this year).
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Deva Link
26,934 posts
114 months
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Dracoro said: Andy Zarse said: Dracoro said: I "suspect" there's more to it than we are led to believe. I suspect that they determined that they couldn't afford the mortgage due to number of other outgoings, one being the not insignificant rising cost of fuel. No there isn't any other reason. The lender only allows a 60 mile commute. End of. The joke is the people are actually moving north of Southampton (Chandlers Ford) to be closer to the motorway! Odd. Anyway, there's plenty of other mortgage lenders out there. As far as I remember, distance from work was NOT one of the questions we were asked when applying for out mortgage (back in March this year). I would guess the lender is trying to gain some green kudos.
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Targarama
13,171 posts
152 months
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Dracoro said: Odd. Anyway, there's plenty of other mortgage lenders out there. As far as I remember, distance from work was NOT one of the questions we were asked when applying for out mortgage (back in March this year). My Brother and his Fiancée are facing a problem right now as their lender has calculated their commute to be over 7 hours each way. Because the numskulls are using the wrong town - Leigh in Scotland instead of Leigh Wiltshire. Doh! I'm sure it will get sorted out, but obviously some lenders do look at this factor.
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VX Foxy
2,721 posts
112 months
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Perhaps there is historical evidence that people with a long commute are more likely to lose/quit their job?
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spikeyhead
7,503 posts
66 months
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Derek Smith said: Brevity and me, not often in the same post.
I've told our second choice that we are interested but are about to put an offer on another place and see how that goes. Then my wife said that she'd like to visit first choice again just to make certain. Women, eh! Can't live with them, not allowed to kill them. It is remarkable how much you can miss on two visits. Tuesday now for the third visit. That's possibly quote of the year
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tonker
43,826 posts
117 months
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tonker said: today's mess. http://www.rightmove.co.uk/property-for-sale/prope...Look at the 'skilful' extension - what you mean a total and complete skimp and just sticking the room on the side that you use all the time that you can't access except through another room and something as skilful as one stud wall upstairs. And they were too tight to pay the extra for bi fold doors. It has no garage, it's shoddily presented (take a look at the shot of the master bedroom suite...... seriously, no valance sheet, wonky bed, messy and a trouser press (must be executive). That's before saving £50 and not finishing off the wardrobes with corniching or taking it to the ceiling - instead we'll leave an untidy dust trap. Plus, the added benefit of the fashion of the day, plantation shutters on all the tiny windows. It's £400K overpriced. Amd that's because it's a million quid plot of land. tonker said: It won't sell. Not until they take over 300K off it. And it sold (eventually) for..... http://www.zoopla.co.uk/house-prices/surrey/cobham...£1.085M - so just over £300K off (and still £100k off what I should call fair value for it).
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Andy Zarse
8,047 posts
116 months
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The conclusion being you can knock 30% off most expensive house prices on account of fantasy valuations.
Wonder how much they'll market this pile for (pile being the operative word) considering it's chequered history. It will come complete with a memorial garden...
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tonker
43,826 posts
117 months
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XJ40
2,651 posts
82 months
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superlightr
6,879 posts
132 months
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we had a buyer for a clients houses house £270k reduced to £265k offer of £257k cash in hand, no chain, from the tenants renting the property so rent upto the day of completion. Seller says no......... within 3% of the reduced price no chain, no mortgage and rent to the day of completion.
- you cant make a horse drink water.
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