Forum Replies Created
Okay Terry thanks a lot.
Tony
Understood, thanks everyone. One final question on finance being declined – if we sign the contract subject to finance, and finance is approved for us for 80% LVR but declined for the 90% LVR we want, does that qualify as finance being declined, ie. we can just walk away as Brahms mentions, or are we bound by the contract because it was approved at some level, and it can be seen from our bank statements that we do have the 20% deposit (but we just don’t want to use it all)?
Thanks,
Tony
Thanks Terry for the heads up – but I don’t get it – how can they pull out? I thought a formal pre-approval was (excuse my ignorance) legally binding in some way? What basis could they use to pull out, and is there anything I could ask for that would cover me? I’m becoming increasing more resentful of these people so I don’t want to pay the $200 to them only for them to reject the 90% LVR like everyone (but them) said they would.
Thanks again guys. Stu – I have been back for more than 12 months, about 15 months now actually. Another thing I was thinking is if they don’t like the fact I didn’t put in a Aust tax return last fin.year, I can do so since I was in the country for 7 months of that fin.year – it will show all my non-taxable income from the UK and no tax taken or due in Aust, but if a tax return is what they need to see, I can do it…
Meanwhile I rang Nationwide and told them what they sent me was of no use, and they needed to send me a formal pre-approval letter that said I’d been approved for $400,000 for 90% LVR subject ONLY to the valuation of the property. They said they could do that and it would be in the mail today. We shall see…
Thanks,
Tony
Thanks a lot guys. Stu – regarding my being considered a non-resident, I talked to an accountant about this and he said that I can be considered either a resident or a non-resident, it depends which way I want to play it. I have a visa that allows me to work in the UK indefinitely if I want but I was born and raised here, so according to him my resident status depends solely on where my ‘permanent residence’ is. I can make that whichever way I want. So, I can be a resident if this helps. Do you think it would?
Kerri – who are the non-conforming lenders you would recommend I try?
Thanks,
Tony
Okay thanks Stu, I understand now. I assume all this goes for normal residential property – what if I was to start looking at commercial property, storage sheds, parking lots, anything like that? Would anyone be likely to lend, even if it’s at 80% LVR? I think Bluestone said no to that.
Thanks,
Anthony
Hi Terry,
Thanks a lot for this, this is useful. A couple more questions arise now though, anything you could advise please would be great –
– is it possible to contact either (or both) of the mortgage insurers to lobby our case directly with them?
– if we have to go Low-Doc, who do you recommend, and what kind of interest rates are we talking about here (Bluestone told me something around 10% I think, I don’t know if this is reasonable or unreasonable under the circumstances)
– if our problem is that all my earnings are in England, could I try to get the mortgage and mortgage insurance through a UK bank? I know nothing about how their mortgage industry works, or if I’d be ruled out because I don’t actually live there (although I do have indefinite clearance to work there)
Just trying to get a bit creative here – I’m never one to go to ground in the first tackle.
Thanks,
Anthony
Yes these are indeed brilliant thoughts, this answers my questions. I will post the finance question under the finance heading and see how we go.
Thanks a lot,
Anthony
