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mortgage offer shortfall
raclee
Posts: 2 Newbie
hi
am a first time poster needing very good advice please!
was offered a mortgage in principle of 174000 by RBS, so put in an offer of good faith for 185000 but now the underwriter has come back with only 157000 a shortfall of 9000 pounds. (have 10 percent deposit) underwriter said affordability calculators are different to those of branch??????
also through application I was sold a loan to consoldaite my 3 credit cards debts which is being paid off by my partner through a remortgage as it is his debt. my credit cards were balance transfers and zero interest. now i am paying 11 per cent interest. I was sold this on the basis that my mortgage would be accepted as it shows more structure. this loan will be paid off in 2 weeks time but the mortgage will not go ahead til this is done.
plan a: go back to branch and discuss
plan b: renegotatite price with vendor
plan c: find shortfall through friends
plan d: accept 157000 and after get the formal offer apply for a loan for 9000.
plan e: pull out altogether.
would plan d work? Plan e would disappoint me as the house was on market for 212 so did well to get it for 185 and it needs modernising which my boyfriend do for free. resale value would be 240. (london area)
another question is: was i missold the loan as I am now paying 11 per cent with no mortgage? Do I have a case for complaint?
Thank you in advance for your advice
am a first time poster needing very good advice please!
was offered a mortgage in principle of 174000 by RBS, so put in an offer of good faith for 185000 but now the underwriter has come back with only 157000 a shortfall of 9000 pounds. (have 10 percent deposit) underwriter said affordability calculators are different to those of branch??????
also through application I was sold a loan to consoldaite my 3 credit cards debts which is being paid off by my partner through a remortgage as it is his debt. my credit cards were balance transfers and zero interest. now i am paying 11 per cent interest. I was sold this on the basis that my mortgage would be accepted as it shows more structure. this loan will be paid off in 2 weeks time but the mortgage will not go ahead til this is done.
plan a: go back to branch and discuss
plan b: renegotatite price with vendor
plan c: find shortfall through friends
plan d: accept 157000 and after get the formal offer apply for a loan for 9000.
plan e: pull out altogether.
would plan d work? Plan e would disappoint me as the house was on market for 212 so did well to get it for 185 and it needs modernising which my boyfriend do for free. resale value would be 240. (london area)
another question is: was i missold the loan as I am now paying 11 per cent with no mortgage? Do I have a case for complaint?
Thank you in advance for your advice
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