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  • FIRST POST
    • feekerry
    • By feekerry 28th Nov 17, 7:52 PM
    • 41Posts
    • 10Thanks
    feekerry
    Mortgage offer condition to repay debt
    • #1
    • 28th Nov 17, 7:52 PM
    Mortgage offer condition to repay debt 28th Nov 17 at 7:52 PM
    Hi.
    Got full mortgage offer thru the post today for a remortgage to another lender and additional borrowing. The additional borrowing is to repay some debt and for an extension.
    Under special conditions it mentions the unsecured debt and that it must be repaid within 28 days of competition and to keep receipts as May be required. Thatís all fine. Is it not up to the solicitors to divide up the funds though? Am I to recieve a lump sum of additional borrowing then repay each debt and send proof? I was expecting maybe the solicitors to do that?
    Thanks
Page 1
    • Theguywhovapes
    • By Theguywhovapes 28th Nov 17, 9:07 PM
    • 28 Posts
    • 14 Thanks
    Theguywhovapes
    • #2
    • 28th Nov 17, 9:07 PM
    • #2
    • 28th Nov 17, 9:07 PM
    Usually the borrowers responsibility. You will receive the funds in the a lump sum and use the money as intended .
    • YHM
    • By YHM 28th Nov 17, 9:51 PM
    • 303 Posts
    • 99 Thanks
    YHM
    • #3
    • 28th Nov 17, 9:51 PM
    • #3
    • 28th Nov 17, 9:51 PM
    As above, the funds in excess of what is required to remortgage will be given to you to handle the repayments of any unsecured debts you detailed would be repaid.
    I am a Mortgage Broker.

    You should note that this site doesn't check my status as a Mortgage Broker, 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
    • feekerry
    • By feekerry 29th Nov 17, 12:23 PM
    • 41 Posts
    • 10 Thanks
    feekerry
    • #4
    • 29th Nov 17, 12:23 PM
    • #4
    • 29th Nov 17, 12:23 PM
    Oh okay thanks.
    I just thought as it was a condition of the offer it would be up to solicitors to ensure itís done. Looks like I will have quite a few transfers to arrange then!
    • David White
    • By David White 29th Nov 17, 1:15 PM
    • 863 Posts
    • 378 Thanks
    David White
    • #5
    • 29th Nov 17, 1:15 PM
    • #5
    • 29th Nov 17, 1:15 PM
    It's lender dependent with some handling the transfers themselves and others (such as this one it seems) trusting you to clear the debts.
    I am a Mortgage Broker
    You should note that this site doesn't check my status as a Mortgage Broker, 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.
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