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More Homebuy headaches. How petty?
Northants_Simon
Posts: 130 Forumite
I have been in the Homebuy scheme since May, finally I am two weeks away from moving. But now Homebuy have thrown a spanner in the works.
There loan plus my mortgage leave a shortfall of £5 on the house purchase. This has come about due to a mistake made earlier with the figures by my FA. I didn't think it would be a problem, neither did my solicitor. I was just going to pay the £5 to my solicitor.
But now Homebuy have rejected everything because of five pounds. They say we can't proceed.
I was supposed to be moving in two weeks. At his stage I have already given notice on my rent, have already paid for the survey, have paid some legal fees, signed the contracts. And they think it's alright to stop us from buying all over £5!
£5 would represent £0.75p to them as they are putting in 15%. So I'm supposed to reapply to them for 75p more and go back to my lender for an extra £4.25. I even said they could have the extra bit of equity provided by me putting in the 75p instead of them.
There loan plus my mortgage leave a shortfall of £5 on the house purchase. This has come about due to a mistake made earlier with the figures by my FA. I didn't think it would be a problem, neither did my solicitor. I was just going to pay the £5 to my solicitor.
But now Homebuy have rejected everything because of five pounds. They say we can't proceed.
I was supposed to be moving in two weeks. At his stage I have already given notice on my rent, have already paid for the survey, have paid some legal fees, signed the contracts. And they think it's alright to stop us from buying all over £5!
£5 would represent £0.75p to them as they are putting in 15%. So I'm supposed to reapply to them for 75p more and go back to my lender for an extra £4.25. I even said they could have the extra bit of equity provided by me putting in the 75p instead of them.
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Comments
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Disgusting. Put the fiver in pennies and take it round to them.0
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Post them £10 recorded delivery, & tell them to keep the change
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Sounds like a case of "compooter says No".. Have you asked to speak to someone with a bit of clout, rather than a muppet?0
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Northants_Simon wrote: »I have been in the Homebuy scheme since May, finally I am two weeks away from moving. But now Homebuy have thrown a spanner in the works.
There loan plus my mortgage leave a shortfall of £5 on the house purchase. This has come about due to a mistake made earlier with the figures by my FA. I didn't think it would be a problem, neither did my solicitor. I was just going to pay the £5 to my solicitor.
But now Homebuy have rejected everything because of five pounds. They say we can't proceed.
I was supposed to be moving in two weeks. At his stage I have already given notice on my rent, have already paid for the survey, have paid some legal fees, signed the contracts. And they think it's alright to stop us from buying all over £5!
£5 would represent £0.75p to them as they are putting in 15%. So I'm supposed to reapply to them for 75p more and go back to my lender for an extra £4.25. I even said they could have the extra bit of equity provided by me putting in the 75p instead of them.
What state would this country be in if everytime there was a £5.00 shortfall it was just not mentioned,or added to the other sides costs or whatever.Next you'll be telling me these lenders offered 100% + mortgages in the past....what a laugh."Do not let what you can't do interfere with what you can do."0 -
Sounds like a case of "compooter says No".. Have you asked to speak to someone with a bit of clout, rather than a muppet?
It's difficult to speak to anyone. My solicitor has been trying all day. I have tried myself, you get a voicemail and they never bother calling you back. I even told them I'm going to be homeless in two weeks time unless they pull their finger out and sort it. So far I haven't heard anything from them.
I could understand how £5000 difference might upset the equity percentage they hold in the property, but £5? I'm going to be seriously out of pocket if they don't allow completion to take place.0 -
What state would this country be in if everytime there was a £5.00 shortfall it was just not mentioned,or added to the other sides costs or whatever.Next you'll be telling me these lenders offered 100% + mortgages in the past....what a laugh.
That's not the point. I am paying the £5 shortfall so the seller gets what they need, but Homebuy won't accept it as it changes the 15% equity they hold, by £0.75p.0 -
Ask the vendor to drop their price by £5.
You could offer them a bribe to do it. say £5.0 -
I did think of that. But it won't work as I would then have to resubmit my application to Homebuy with the new price and wait for approval. Then wait for them to draw up a new contract (which takes them ages).0
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I thought the problem was that you had told Homebuy the wrong price, ie £5 short of the actual price. In which case their paperwork would be correct if the vendor dropped his price by £5.0
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No, the issue is Homebuy have the correct price, but the mortgage is £5 short. So the Homebuy 15% plus the mortgage add up to the purchase price less £5.
I have just been looking through the Homebuy book, and it clearly says I can put in any savings or deposit I have providing the Homebuy loan is at least 15% of the purchase price. So actually it shouldn't be a problem to them if the other 85% is mostly mortgage with a £5 deposit from me.0
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