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Lender revoked to earlier offer
bobnov77
Posts: 6 Forumite
Hi
For the past 3 months i have been in the process of buying my first home.
I was offered a mortgage from the RBS to what was not the correct offer as to what i was informed. My IFA and Solicitor worked it for me to get a revised offer which was happy with and i have got that in black and white in my hand dated 22 April 2009. Yesterday i paid my deposit, legal fees and any other monies owed to our builder which was fine. 1 Hour after we returned from the solicitor i rec'd a call from my IFA to inform me the RBS sent through another offer which was as the first offer which was incorrect, this one dated the 27 May 09. This now leaves me short £5000 short on the final day i am supposed to move in (TODAY). I am now going to be liable for interest on the property for every day i am not in the home. Can the RBS do this on the final day after monies have exchanged hands and what happens if i cannot raise this £5000 within the next fortnight. I am crapping myself now as to what i do!!
Any help or suggestions?
Thanks
For the past 3 months i have been in the process of buying my first home.
I was offered a mortgage from the RBS to what was not the correct offer as to what i was informed. My IFA and Solicitor worked it for me to get a revised offer which was happy with and i have got that in black and white in my hand dated 22 April 2009. Yesterday i paid my deposit, legal fees and any other monies owed to our builder which was fine. 1 Hour after we returned from the solicitor i rec'd a call from my IFA to inform me the RBS sent through another offer which was as the first offer which was incorrect, this one dated the 27 May 09. This now leaves me short £5000 short on the final day i am supposed to move in (TODAY). I am now going to be liable for interest on the property for every day i am not in the home. Can the RBS do this on the final day after monies have exchanged hands and what happens if i cannot raise this £5000 within the next fortnight. I am crapping myself now as to what i do!!
Any help or suggestions?
Thanks
0
Comments
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Have your IFA explained why the offer is now £5k short, is there a retension on the property for works to be carried out. This should have been bought to your attention before exchange of contracts, what does your solicitors say it was their job to make sure that the funds were able before exchange. Back to both for an explanation.
AMDDebt Free!!!0 -
The reason being was the mortgage lender only given us 90% of the value minus the incentive which has us really screwed. But they sorted it so that this wasn't the case in April but reverted back 2 days ago!0
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Sounds like a new build, you'll have to go back and see whether the developer will be willing to waived this amount, as it was an incentive given to you.
AMDDebt Free!!!0
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