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Help!! REmortgage offer different to want had been approved!!
little_2
Posts: 35 Forumite
Help
We recieved our official remortgage offer from Abbey and it is different to what had been applied for and approved. We went via a mortgage broker and we have the details from him that we applied for a £32,000 interest only and £75.000 repayment. Now we have recieved the official letter it says its for £105,000 interest only!! Whats going on, is this a admin error or something. I can't believe they would offer us this knowing we have no policy's to pay this sum off. Thought it was all going plain sailing and now this.
Many Thanks to anyone in advance
We recieved our official remortgage offer from Abbey and it is different to what had been applied for and approved. We went via a mortgage broker and we have the details from him that we applied for a £32,000 interest only and £75.000 repayment. Now we have recieved the official letter it says its for £105,000 interest only!! Whats going on, is this a admin error or something. I can't believe they would offer us this knowing we have no policy's to pay this sum off. Thought it was all going plain sailing and now this.
Many Thanks to anyone in advance
0
Comments
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It could be a simple error - lenders do make mistakes when clients decide to split the mortgage like this. Get your adviser to call Abbey and request a correct offer letter - it should not be a problem really - nothing to worry aboutI am a Mortgage AdviserYou 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.0
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Hi Little
It's an easy error for lenders to make - took 3 'Amendment of Offers' before mine came through correct. Mine was also done through a broker and I went back via him to sort.
Sure it'll get resolved pretty quick and easily.Back on the DFW Wagon:
CC - £3,300 on 0% til 04/2020
CC - £4,500 on 0% til 02/2019
Loan - £12,063.84 as at 4/1/180 -
Don't panic! Have you spoken to your broker or Abbey?
Its likely to be a straight admin error probably caused by someone within Abbey entering a total loan amount correctly and leaving the repayment part at zero or something silly like that.
Everyone needs more than one offer, it would be boring with the just the one!0 -
Hi
Have spoken to both broker and Abbey and everything seems fine. Broker said it must be a inputting mistake and Abbey said they will get the underwriters (who are???) to contact him for the correct split and send out a new offer letter. Won't be completely happy until I see the right offer in writing but thats life I guess.
Many Thanks0 -
Underwriters are the people who actually make the decision about whether or not the bank / BS will lend you money - their role is to assess your case and make sure you are capable of paying it back.
Something like a change to the offer (for whatever reason) is likely to need a rubber stamp at the very least from an underwriter.
Again, no need to panic, its perfectly normal.0
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