Woolwich turned us down, any advice?

unite79

% year deal - Less the free val and £250 cash back - But agreed - service is as bad with both the Abbey and Woolwich!

boo80

unite79 wrote: »

Abbey have a nice 4 year deal, in my opinion better value than the 5 year, that one has been raised a lot over the last week!

Thanks, is there a thread on here?

unite79

The difference will be when they ask for proof of deposit, and your IFA cant provide it - cause its in your parents account

The problem could be when you come to sell, your parents may want a charge/safety net on there cash!
Ohh and Tax Implications.

unite79

5.09% free val, £250 cashback.

antheawad

Woolwich are being sooo strict at the m, and that is with existing customers too... just found out today that despite earning over £70k a year and having overpaid our mortgage everymonth since the rates started dropping, they will only lend us 80%, but only a week ago, someone told us 85%. In the meantime, we offered on a house, but will have to back out now as someone informed us incorrectly last week... 5% doesn't sound like alot, but to us on the house we wanted it's £15k that we don't have... but woolwich say 'they are sorry' and just expect you to say 'OK then'. Not happening!!!!

Am now looking at leaving them, paying their redemption fee of £1400 and trying for a 85% deal elsewhere... however easier said than done... looking around there isn't much about.

Mrs_Bumble

Have you checked what the maximum Abbey will lend is http://www.abbey.com/csgs/Satellite?appID=abbey.internet.Abbeycom&c=GSInformacion&canal=CABBEYCOM&cid=1210618119200&empr=Abbeycom&leng=en_GB&pagename=Abbeycom%2FGSInformacion%2FWC_ACOM_MortgageAffordCalc&mbType=2

Has the valuation on the property been carried out yet? Is there any movement in the house price?

You will need a letter from your parents indicating that they do not wish to have any interest in the property.

ANY_CHANCE

unite79 wrote: »

The difference will be when they ask for proof of deposit, and your IFA cant provide it - cause its in your parents account

The problem could be when you come to sell, your parents may want a charge/safety net on there cash!
Ohh and Tax Implications.

http://www.hmrc.gov.uk/cto/customerguide/page6.htm

boo80

Mrs_Bumble wrote: »

Have you checked what the maximum Abbey will lend is http://www.abbey.com/csgs/Satellite?appID=abbey.internet.Abbeycom&c=GSInformacion&canal=CABBEYCOM&cid=1210618119200&empr=Abbeycom&leng=en_GB&pagename=Abbeycom%2FGSInformacion%2FWC_ACOM_MortgageAffordCalc&mbType=2

Has the valuation on the property been carried out yet? Is there any movement in the house price?

You will need a letter from your parents indicating that they do not wish to have any interest in the property.

Thanks Mrs Bumble, our IFA says the max Abbey will lend us is £97k so we've just been going with that and thats what we've based all our calculations on, really hope he's right!! Haven't had the valuation carried out yet, I don't think there is much room for movement on the price as it was on for 205k and we're getting it for 187k which was less than she wanted

My dad is pretty clued up on tax etc.. as he's had his own business for years so sure everything will be above board, I'm just letting him and my OH sort it all out

Mrs_Bumble

Did you check maximum lending with Woolwich?

http://www.woolwich.co.uk/mortgages/mortgage-calculator.html

just a little curious as why Abbey is coming up more generous as I thought they had become a little more conservative??

Phil777

Mrs_Bumble wrote: »

Did you check maximum lending with Woolwich?


just a little curious as why Abbey is coming up more generous as I thought they had become a little more conservative??

The calcs are a bit more simplistic than what the IFA will see I'd have thought?

Someone was right above about the IFA having to give good advice and the FSA are hot on this at the moment aswell as the different commissions. Having said that I've seen some pretty shoddy advice from 06/07 recently.

I'd be tempted to look at what a different broker could do for you.

It also sounds like the IFA isn't whole of market if they are using a preferred panel, not a bad thing necessarily but worth being aware of.