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in a quandry....
keith_45
Posts: 23 Forumite
My Northern Rock deal ends on Feb 1st and I'll move from 5.25% to whatever "deal" they are offering (approx 7.5%). Fortunately, in October, I decided to get a new deal early.
I went with the offset tracker with First Direct, tracking at BR + 1%. They sent me documents offering the loan, signed by them. I called back making sure that everything was ok and it was going ahead. All ok. Yesterday, they called me saying that the house valuation came out at 120k vs the 135k required for the deposit based on my equity.
1) Is this legal that they can come back and say that the valuation was not agreed to, 2 months after all the docs were signed based on 107k? I even asked if this was subject to anything and they said that it wasn't. ie: they have been inefficient and so have the valuation company
2) the result is that they can only lend me 96k as opposed to 107k. This isn't a major issue to me as I was going to pay off over 10k when my bonus comes in.
Bonus is paid on 28th Feb, mortgage from First Direct begins on 1st Feb. Therefore, I need to find 11k for 1 month.
Any ideas (other than friends or family) of how to provide the shortfall of 11k for 1 month with minimal costs to me.
Any advice would be much appreciated
I went with the offset tracker with First Direct, tracking at BR + 1%. They sent me documents offering the loan, signed by them. I called back making sure that everything was ok and it was going ahead. All ok. Yesterday, they called me saying that the house valuation came out at 120k vs the 135k required for the deposit based on my equity.
1) Is this legal that they can come back and say that the valuation was not agreed to, 2 months after all the docs were signed based on 107k? I even asked if this was subject to anything and they said that it wasn't. ie: they have been inefficient and so have the valuation company
2) the result is that they can only lend me 96k as opposed to 107k. This isn't a major issue to me as I was going to pay off over 10k when my bonus comes in.
Bonus is paid on 28th Feb, mortgage from First Direct begins on 1st Feb. Therefore, I need to find 11k for 1 month.
Any ideas (other than friends or family) of how to provide the shortfall of 11k for 1 month with minimal costs to me.
Any advice would be much appreciated
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Comments
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Bridging loan, ask a mortgage broker or your bank.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0
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ok. thanks very much. Any idea how much 11k over 1 month should cost me?
I could also maybe get 11k transfered from my credit card to my account at 3%. So, 330 quid, right?0 -
keith 45 delay yr start date by with First Direct until approx 7th March, NR svr is currently 5.34% Fone NR on the 28th/1st and pay of the 11k0
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u originally applied for the remortgage in oct...when did the valuer come out/do drive-by valuation?
we applied in end of sept and docs with the value we suggested was sent to us and then the valuer came within a couple of weeks of applying....and new documents (with the lower value) were sent out to us...that is why i am surprised it has taken them nearly two months for them to let u know the valuation.
Jig0
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