Saturday, 6 February 2010

So near and yet so far...

Belle Mere has finally relinquished and agreed to allow us to buy our flat. The flat she bought ‘for The GR’ for £65,000, we can have for £160,000 which is half it’s market value so a fantastic bargain.

 

I instantly called 3 mortgage brokers, the first started eagerly but on hearing our financial situation clamped up and only offered £40,000. The second less reputable broker offered £60,000. The third, recommended by a friend, was a darling, he said there was a way; if we could get The GR a job on paper, earning £36,000 for a year then we would probably be able to get a really good deal on a mortgage from the Halifax or HSBC.

 

Two years ago when we started making enquiries about getting a mortgage for the concessionary purchase of the flat even high street banks were offering us the money.

Now after the credit crunch its not so easy. Self-cert mortgages were made illegal just after Christmas, these were mortgages that were given to freelancers, like us, and would have taken into consideration factors such as we have been paying rent for five years without default at twice the price the mortgage repayments would be.

 

So, why had Belle Mere suddenly changed her tune and agreed, we shall never know. But I believe several factors have made it happen, 1. The sale on her country property has gone through. 2. She has found a house in London she wants to buy. 3. There was an article in the paper on Tuesday saying it was more or less impossible for freelancers to get a mortgage presently. Belle Mere emailed our mediator, The Grandad on Wednesday morning.

 

She has given us a three month deadline and says we have to move into the ‘flat’ (she presently lives there). We would be eternally grateful and all living in the same area, so Erbie visiting would factor highly.

 

Of course if we moved into the flat and then couldn’t get a mortgage, she would still own half and we would have to pay rent. I think this is what she really wants to happen. She doesn’t think for one moment we’ll be able to get the money. We’ll be right where she wants us and endebted.

 

So I must try my darndest to get the money and call her bluff. In the grand scheme of things it’s not that much money to pay for our future security and freedom.

 

I daren’t tell The GR that we have been refused a mortgage, after spending all day trying.

 

After all this Erbie accidently poked me in the eye and scratched my cornea, I tried to get a pharmacist to look at it, he sent me to the opticians, the optician told me I had to book in for an eye test, I rang the doctor, no appointments till after the weekend, I had a weep, the salt water helped. 

6 comments:

Victoria @ Hibiscus Bloem said...

I hope you get a mortage sorted out and get 'your' flat for such a good price. That would surely get the BM off your case. Hope your eye is feeling better.

Marie said...

I agree with Victoria. My best wishes to you for getting it all sorted out. It's such a shame about self-certs as they did serve such an important purpose... Good luck! On the eye too.

Metropolitan Mum said...

Oh dear. What a royal bitch. Sorry to swear on your blog, but really. !!

My fingers are crossed for you! xx MM

Sonya said...

I've had the same issues as a self-employed person here in Canada. If you have three years of tax returns you should be able to go to ING direct (they are international) and get a mortgage and it would be at a better rate, I believe.

Good luck to you

westendmum said...

Thanks ladies, I'm on the case and my eye is healing.
WEM x

Marlena said...

Where would you be living then? leaving West End?
Good luck with the flat either way!

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