Igroup Mortgage - At The Tip Of The Ice Berg! Help Need Some Advice Please!

chris1985_2

Hello, new to this website, here is my worry

Basically I my offer on a property was accepted approx 5 months ago

ALL of the legal work with solicitor is complete to my knoledge.

Solicitor says he is pretty confident it will complete before or on Friday 3rd october.

I have been waiting for this mortgage for months, it appears Igroup have stalled me on several occasions, twice being they put the wrong property to be mortgaged on the offer.

Anyway that has been corrected, the offer has been signed and they received it 3 days ago (monday)...

They wrote to me to say their fees will go up a further £1000 Plus interest rate from 8.74% to 9.54% if not completed by 3rd oct (Even though the mortgage offer is valid til december!?)

Property valuation £122000
We are borrowing £89250
The purchase price is £105000 (22k less than valuation)
The fees have been added to the mortgage and are included on the ammount to borrow.

My partner was declared bankrupt in 2003 and was discharged in 2005 (I think) They know this already... But they want to do another? bankrupcy search.... I am now worried they are going to cancel the mortgage!!!!

I also dont see how there is enough time to transfer monies and sign contracts in 5 working days???


Sorry to go on, advice would be good, having a breakdown and of course the sellers are going mental!

Chris

Toughluck

Depends what product you went on with Igroup. They will allow discharged bankrupts on many products so i wouldn't worry too much. Their rates and fees are outrageous and I have made my feelings very clear on this lender.

chris1985_2

The product is 4 years fixed rate at 8.74%
Repayment and Interest basis
We are borrowing just over 85% ltv
Our mortgage broker Metro Finance are aware of the bakrupcy discharge, as far as we are aware Igroup know of this too, but they are now doing a bankrupcy search whatever that means...#

It would appear they are doing everything they can to stall us until October 3rd which means we would have to pay a further £1000 onto the arrangement fee plus the rate will go upto 9.54%

My main concern is getting knocked back after 5 months waiting!

floristflo

O dear...we were told today even if we complete by oct 3rd we will have to take the new rates...we have been waiting since feb!!....
I hate the i group...nothing but trouble but we are screwed!
Im also thinking they will say no at the last min....we have paid out so much already..gutted.

hethmar

That doesnt seem right at all does it - did you pay your arrangment fee on the understanding that the interest rate could change?

chris1985_2

florist flow - wow it really does sound like you are having the same problem as us... What date did you receive your mortgage offer?

hethmar - I have not paid my arrangement fee yet, all I have paid for is the valuation and I have a bill to solicitor of £741 for the conveyancy.

My solicitor wants me to send the amount of £19.019.00 to them which is the deposit for the house including the solicitor fees. He wants me to send that money on monday.

We have until friday to recieve the mortgage advance and complete - if not we will have to pay a further £1000 to IGroup in arrangement fees plus the mortgage will be 9.54% instead of the 8.74% we have until friday to complete the sale by.

Chris

chris1985_2

Well it all panned out nicely.

We exchanged contracts yesterday

and

We completed today. I'm over the moon!