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  • FIRST POST
    • Runfatbot
    • By Runfatbot 20th May 17, 8:26 AM
    • 7Posts
    • 2Thanks
    Runfatbot
    Mortgage offer special conditions
    • #1
    • 20th May 17, 8:26 AM
    Mortgage offer special conditions 20th May 17 at 8:26 AM
    Hi
    I have just received my mortgage offer off nationwide and they have applied special conditions that I clear credit cards on or before completion which I have no chance of doing.

    I can repay a couple of them but not all of them
Page 1
    • Newtown
    • By Newtown 20th May 17, 10:27 AM
    • 42 Posts
    • 20 Thanks
    Newtown
    • #2
    • 20th May 17, 10:27 AM
    • #2
    • 20th May 17, 10:27 AM
    How much is the credit card blanace?. Can you not get a "gift" from anyone for a month for that amount?

    Family
    Friends
    Selling car
    Selling any valuables or getting money by securing those valuables

    I know it's a silly silly condition.

    I have a car loan (about 2k) on a new car so I am net positive by about 7k as car is valued more then loan.but the mortgage advisor told me that I might have to clear it too before completion. (I am hoping I will have that sort of money arranged if not I will have to sell my car unfortunately)
    • Runfatbot
    • By Runfatbot 20th May 17, 11:04 AM
    • 7 Posts
    • 2 Thanks
    Runfatbot
    • #3
    • 20th May 17, 11:04 AM
    • #3
    • 20th May 17, 11:04 AM
    Around 3k, just trying to see what they say as mortgage will be same as we pay rent! So can it be reworded to say be the end of the fixed rate.
    • ACG
    • By ACG 20th May 17, 11:10 AM
    • 15,870 Posts
    • 8,129 Thanks
    ACG
    • #4
    • 20th May 17, 11:10 AM
    • #4
    • 20th May 17, 11:10 AM
    Did you put them down on the application that some or all of them would be cleared?

    If you did, then it should just be the ones you said would be cleared.
    If you did not, it may just be a mistake - I have had this happen before. They corrected it without a problem.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • Runfatbot
    • By Runfatbot 20th May 17, 11:16 AM
    • 7 Posts
    • 2 Thanks
    Runfatbot
    • #5
    • 20th May 17, 11:16 AM
    • #5
    • 20th May 17, 11:16 AM
    I advised my broker that the one for £400 would be cleared and the other wouldn't

    I'm going to speak to him on Monday
    • Newtown
    • By Newtown 20th May 17, 11:19 AM
    • 42 Posts
    • 20 Thanks
    Newtown
    • #6
    • 20th May 17, 11:19 AM
    • #6
    • 20th May 17, 11:19 AM
    Around 3k, just trying to see what they say as mortgage will be same as we pay rent! So can it be reworded to say be the end of the fixed rate.
    Originally posted by Runfatbot
    In same boat with you. My mortgage will be about 65% of my current rent. (not including building insurance etc). So I will be saving money.

    I think it depends where you are in country. I am on the south coast. (housing market and rental market is nuts here) very fast moving.
    • Runfatbot
    • By Runfatbot 20th May 17, 11:23 AM
    • 7 Posts
    • 2 Thanks
    Runfatbot
    • #7
    • 20th May 17, 11:23 AM
    • #7
    • 20th May 17, 11:23 AM
    Mine will also be £400 less on council tax and £200 on water each year!
    • Suman170
    • By Suman170 2nd Dec 17, 1:35 AM
    • 5 Posts
    • 2 Thanks
    Suman170
    • #8
    • 2nd Dec 17, 1:35 AM
    • #8
    • 2nd Dec 17, 1:35 AM
    I have recently received a mortgage offer, it however has the following special condition attached:

    "This Offer of Advance is made subject to all debts declared as being repaid by the Applicant(s), being settled in full on or prior to completion" Lender is Leed building society and Lender is aware of our exiting debts which is a hire purchase.. I really don’t know what to do.. the solicitor hasn’t mentioned anything about the condition of the offer. Mortgage advisor saying it just standard wording they don’t require evidence but I don’t want to risk it.. any past experiences from anyone would be great to share. Btw It’s shared ownership scheme.

    Thanks
    • RedFraggle
    • By RedFraggle 2nd Dec 17, 7:07 AM
    • 533 Posts
    • 1,232 Thanks
    RedFraggle
    • #9
    • 2nd Dec 17, 7:07 AM
    • #9
    • 2nd Dec 17, 7:07 AM
    I have recently received a mortgage offer, it however has the following special condition attached:

    "This Offer of Advance is made subject to all debts declared as being repaid by the Applicant(s), being settled in full on or prior to completion" Lender is Leed building society and Lender is aware of our exiting debts which is a hire purchase.. I really donít know what to do.. the solicitor hasnít mentioned anything about the condition of the offer. Mortgage advisor saying it just standard wording they donít require evidence but I donít want to risk it.. any past experiences from anyone would be great to share. Btw Itís shared ownership scheme.

    Thanks
    Originally posted by Suman170
    Which debts were declared on the application as going to be settled before completion?
    It's saying that any debt you said would be cleared must be.
    Officially in a clique of idiots
    • Suman170
    • By Suman170 2nd Dec 17, 12:01 PM
    • 5 Posts
    • 2 Thanks
    Suman170
    I have cleared all debts before they gave me the mortgage offer. I only have the hire purchase which they know about.. I can’t Pay off the hire purchase I won’t have any money left for my deposit..
    • RedFraggle
    • By RedFraggle 2nd Dec 17, 9:46 PM
    • 533 Posts
    • 1,232 Thanks
    RedFraggle
    I have cleared all debts before they gave me the mortgage offer. I only have the hire purchase which they know about.. I canít Pay off the hire purchase I wonít have any money left for my deposit..
    Originally posted by Suman170
    That wasn't quite my question.....have you paid off any debts that you/your broker stated in the mortgage application would be paid off before completion. If you have then you have complied.If you or your broker said the HP would be paid off then you haven't.
    Officially in a clique of idiots
    • csgohan4
    • By csgohan4 3rd Dec 17, 8:26 AM
    • 4,010 Posts
    • 2,495 Thanks
    csgohan4
    I have recently received a mortgage offer, it however has the following special condition attached:

    "This Offer of Advance is made subject to all debts declared as being repaid by the Applicant(s), being settled in full on or prior to completion" Lender is Leed building society and Lender is aware of our exiting debts which is a hire purchase.. I really donít know what to do.. the solicitor hasnít mentioned anything about the condition of the offer. Mortgage advisor saying it just standard wording they donít require evidence but I donít want to risk it.. any past experiences from anyone would be great to share. Btw Itís shared ownership scheme.

    Thanks
    Originally posted by Suman170


    Please create your own thread and not hijack someone elses
    "It is prudent when shopping for something important, not to limit yourself to Pound land"
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