refused mortgage - best approach

Hi Gonzo,
I think you made absolutely the right decision. Things will be hard for a while, but you know, you'll probably end up with a finished house for much less money, and much smaller debt. Hang in there! But please make sure you go to your solicitor and sign and agreement with your boyfriend, particularly if your parents are going to chip in.

Re your engineer, if you like, and if the bank are putting you under pressure, you could ask him to give a limited opinion on compliance, listing the items yet to be completed. Your solicitor can disclose the problem to the bank (as they are probably aware of it anyway) and you can keep working on the house.

Best of luck with everything!

Kate.

Thanks again Kate. We bought the internal doors in a sale during the summer, didn't have any spare money to pay to get them hung but with help of parents we can do this now. We will buy the sanitary ware and put in place, footpaths will be done also, the snag items were dealt with in the last month or so. All this done we can get the completion cert for the house, and draw down the 5K left to be drawn down. This will help to make it more livable also.

I have also applied for ICB reports for us both, banks are telling us there are no issues with credit, but just to be sure I sent away for them !! Getting paranoid now LOL.

I will make sure legally I am covered, b/f has no problem with this. I have enough saved to buy abit of furniture, bed, sofa etc. We have most other things in the rented house that we have bought over the years so wont be stuck for much else.

It will certainly be livable thank god.

I'm just glad that parents are willing to help out, if not it looked very bleak :-( but things are good now.

Thanks again, appreciate your posts.

Gonzo.

Gonzo123 said:

Clubman, b/f has tax clearance cert etc, in my opinion he wouldn't have got the loan in his name in the first place if there were any such issues, every bank will ask for 2 years accounts when applying for a loan when self employed. He's accounts are up to date, with cash in hand nixers, the majority of these cases are clients who wont pay VAT, want to deal in cash, tbh he would have to lodge most money into his account so tries not to deal in such things, but again with current situation its hard to turn away work no matter how you are being paid. I appreciate you wanted a bigger picture, thanks for your help.

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If he is doing tax evading cash in hand nixers then he is leaving himself open to getting a Revenue demand for undeclared taxes down the line. He would be better off avoiding this possibility.

The two late payments wont have done it. I've borrowed plenty of times after having late payments. There are a lot of dots and t's when self building. All have to be in place. Consider other banks if not done so already. A good loan to value ratio of lending will stand you in good stead as will recession proof employment.

sfag I don't think you are correct. The banks can choose whether or not to register your loan with the Credit Bureau. Perhaps the borrowings you paid late or defaulted on were not registered with the ICB and therefore you would have no history of missed/late payments.

Also the banks will take a view of the overall picture. If you are borderline, two missed/late payments will have a big impact.

Finally, I'm sure the OP would choose to have "recession proof" employment if she could! Wouldn't we all!!

Kate,

Both our jobs are realiant on the Construction Industry, I feel this is definetly playing a huge part, should it pick up we may be in a better position to borrow. I will see when I get the ICB report if there are credit issues, if there are its a different story I guess.

Where I work the company has enough work for the next 2 years, which is good in todays economic state, but the banks are not interested in this. B/f has a good clientelle also, so hopefully in a year or so things may be different.

Thanks for all your replies again, they were much appreciated.

Gonzo.

As the OP was being abusive in response to posts she did not like, I am deleting the posts and closing the thread.

Let's be quite clear about our Posting Guidelines. If someone mentions tax evasion in the context on another post, it is not off-topic to advise against tax evasion.

Brendan