Given the turmoil (not at all) caused by the (not) mini-budget, it was inevitable that anyone trying to get a mortgage would have some trouble. A self-build mortgage is even more difficult to navigate than a normal one so maybe we were bound to be affected.
For a start, in our case, the mortgage advisor cannot deal directly with the building society but must go through a 'packaging company'. I will name it here so that anyone going forward can avoid having to work with them - the company is BuildLoan. Basically, it gathers all the information that the advisor already has and puts together a package for the lender. The process began in February this year and it's now November.
OK, things might not be too straightforward - Lou's a headteacher on a good salary; I'm the director of my own company and take a teacher's pension. Together there's a hefty income. But given my age (don't ask) - and the fact that I am being classed as self-employed rather than an employee of a company - all sorts of questions and requests for data have been fired our way. Then, because these people seem to work at a glacial pace, the stuff you send is out of date and it needs sending again.
So, once you're packaged (as the terminology goes) it is put to the building society. Agreement in principle. Yahoo!
But then more stupidity takes over with the building society asking for stuff they should already have and then (very offensively) stating 'as you are not married...' WTF! Look at the documents! You have a f***ing marriage certificate.
Then the next one: can I confirm that my teacher's pension will go to Lou? Again - WTF! It's in the Teachers' Pensions standard terms and conditions that any pension will go to the spouse! Oh, but are we married? I forget!
We are now eight months into a process that have taken nowhere near this long but now we are hearing that the building society want to change the terms of the offer. Ooh, why, I wonder? Because we're not married by any chance? Or because we are and they can't accept it? Or is it something to do with political and ideological ineptitude of the highest order?
Every time we think we're done, the goal posts move.
Next week we officially run out of money for the build unless a mortgage comes through.
But, not to worry, bankers can get bigger bonuses when it does arrive. Maybe some of it will trickle down to me?
Header image © Walter Baxter under Creative Commons license. The image is unmodified
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