Newcastle building Society holding funds for mortgage please help

[chrisjones60]

I hope there is someone out there that can help me I've looked on the forum and cannot find thisbuilding society referenced anywhere. My son has paid his five percent deposit to this bs in August for a house he wants to purchase under the govt 95% scheme, he has sent all his details at least twice and they keep coming back time and again for more and more trivia, today they have asked him again to confirm his residential status. Does anyone know why they're doing this? Is there a recommended course of action he can take to speed this process up? The vendor is talking of pulling out and my son is very upset. Thank you for reading

[PlanB]

Re: Newcastle building Society holding funds for mortgage please help

cannot find thisbuilding society referenced anywhere. My son has paid his five percent deposit to this bs in August for a house he wants to purchase under the govt 95% scheme, he has sent all his details at least twice and they keep coming back time and again for more and more trivia, today they have asked him again to confirm his residential status. Does anyone know why they're doing this?

Yes. It's called underwriting. I'm afraid since the Credit Crunch lenders are more cautious about who they lend money to, and this Help To Buy scheme which is Government backed has extra stringent tests.

As far as I'm aware the Newcastle Building Society is taking part in the scheme. Here's some information which may help you:

http://www.thisismoney.co.uk/money/m...als-rates.html