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dbr
After having had an offer accepted at the start of the month after endless instances of being outbid, we prepared all of our paperwork and got a mortgage AIP in place just before all of the recent lunacy. What would you know, we’ve just heard back from our broker that the valuation from the mortgage company came back as unmortgageable. Apparently due to the flat (which is above a clothes shop) having a shared front door with the retail unit and no independent access. We’re absolutely gutted. The broker was amazed that the EA hadn’t flagged this as a potential issue earlier down the line and the fact that there was no mention of this in the paperwork meant the broker was unaware until having gone through all this rigmarole. When I spoke to the EA they said they knew the valuer and that he was a “muppet” but that now, given the current climate, it would mean that it would be impossible to get a mortgage on it. Our broker was also unable to arrange a mortgage with any other of their lenders. We’re just glad we didn’t pay the solicitors to do anything yet but this feels like a pretty massive sucker punch especially given the sudden hikes in interest rates that we would have (just) avoided had all gone through.