After all the excitement of having the offer accepted I calmed down and got straight on the phone to the bank. I wasn’t prepared for the response I got.

No longer lending at 90%. WHAT?!

How can things change so quickly? I had only spoken to them a week or so before and they had said they would definitely lend me 90%?

jane_the_scream

They started talking insanely about taking out a loan to top up my deposit money, but when you’re taking out the biggest loan of your life, the thought of another one doesn’t really appeal.

I got straight on the phone to another lender and my excitement quickly turned into a blind panic as I got the same response. And then another. And yep, you guessed it, another.

I made an appointment to see a building society the next day who said they were still lending to first-time buyers at 90% but after we had gone through the hour-long process there was a ‘computer says no’ moment when an alert message flashed up on the screen saying 85% only. Great.

I was so annoyed that I could have slapped the poor mortgage manager. And I was starting to worry that I might lose the flat.

I spent the evening doing some more phone bashing and eventually found someone who would lend to me. Made an appointment to visit an actual branch the next day (prefer to do this stuff face to face) and then bingo, we were done: first-time buyer mortgage at 90% on a fixed rate for 5 years.

It is a high rate, I know, but I have done my sums and I can afford it. I hope that down the line I make money on the flat and this will compensate for the limited deals available to me now.

I completed all the forms and I am just waiting for the final, final mortgage offer from the head office and then all systems go.

I am confident but still slightly nervous that anything could happen at any time. I think the mortgage company is waiting for the lease extension before they go in and do their initial valuation. Not entirely sure what is happening. Should probably make a call…

Anyway, the vendor seems to be moving things on and is showing no signs of pulling out – she has packed up the flat and I went round to check out the cooker and fridge that were practically brand new so taking those off her hands for a fair price.

I am so glad I rented unfurnished two years ago as I now pretty much have everything I need to fill the flat. I can’t imagine where I would find the money to buy a bed, sofa, and other furniture. It was all part of my master plan and seems to have paid off.

I want those keys!

Related Tags: Diary, FTB, General

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