After being told by our mortgage broker that the lender would not give us a mortgage due to a section 157 applying to the property and that there was not even the smallest possibility they would consider an appeal or change their mind, the following day I went along to the estate agent to break the bad news.
Their initial reaction was not unexpected, they said how ridiculous it was and they knew plenty of people who had mortgages with a 157 in place, even one of their own staff had one. But then they recommended using one of their own mortgage advisors who was a local man and experienced in dealing with 157 loans.
I wasted no time and contacted him, he was reassuring and optimistic; we confirmed the appointment for the following Saturday.
We went through the same questions, gave the same answers, but there was a slight difference in his attitude, it seemed, I don’t know, more friendly but perhaps I was just so relieved to talk to someone who said they could help.
Two days later he rang me and said he would be able to get a mortgage for us but we would both need to have a pension and it didn’t matter if we were paying into it or not. This was a huge relief. I let the estate agent know straight away and instructed the broker to go ahead with a formal application.
Then I received an email.
Our original broker had discussed the 157 restriction with the mortgage underwriters and they had changed their mind and they would give us a mortgage after all. I couldn’t help but wonder at the earlier conversation where I had been told categorically the lender would not reconsider their decision.
But could we get a better deal from the other broker? I went through the figures and decided it was a case of better the devil you know so, not wanting to mess the new broker around, I contacted him and asked him to hold fire on everything because things had changed. He was very understanding and wished us well.
Within three days we had the formal mortgage offer in writing.
On the same day I contacted the East Devon District Council to find out what decision had been made regarding our application to buy the property – as we haven’t lived in East Devon for three or more years (we’ve lived here for just over 2 years), we had to make a special application to the council.
I eventually spoke to them. Our application had been refused.
One step forward, two steps back.