Help - should I sign missives without mortgage offer??

kazclogs

Hello eveybody!

I apoligise in advance for the length of this post - I will keep it as consice as possible although I'm so stressed that my fingers and brain aren't quite co-ordinated.

Scottish next time buyer. Got In Principle agreement from broker (from Northern Rock), found house, put in an offer and twas accepted (hurra!).

Went back to see broker straight away and she decided that, as we are buying for slightly under the valuation of the property, a different mortgage product would be best and obtained an AIP from Chelsea. Finished appointment by saying she would complete the application electronically online and contact us if she needed any more supporting stuff (she got payslips, bank statements ect already) but basically to leave it to her.

Fast forward 12 days and a letter from my solicitor to inform me that my missives were ready to sign and, indeed, must be by Thursday 27 April for entry of May 12.

Phone MB that day to check mortgage was a goodly way done and that the actual offer was winging it's way to me and solicitor only to be told that a blank application form was in the post to us! She hadn't done the electronic application and there was a ten working day delay in getting our application form posted out (which is available online - downloadable PDF file, could have been done 12 days before in AIP appointment). So instead of being almost finished she hadn't even started the process!! :mad: (We think she forgot about the application but she's admitting nothing).

So, Ive managed to put off missives signing till Tuesday but, as the Chelsea have requested bank references and I'm an NHS employee (ref take ages), there is NO way that the motgage offer will be confirmed before I HAVE to sign the missives. Everwhere I have looked online says not to sign missives until lending is in place - in the off chance that anything falls through and leaves you with a massive penalty (££££'s).

What should I do? If I don't sign the missives the house will be put back on the market and we will be homeless. If I do I run the risk of something going wrong and losing thousands. My mortgage broker is entirely responsible for the delay and therefore the mortgage not being ready in time for signing the missives.

Thanks for any advice.

Karen

kazclogs

Any advice anyone?

Does anyone know of a mortgage company with a fastrack service that can turn round an application in a few days (we got a whole years payslips, bank statements and p60's)? I'm beginning to think this will be quicker than waiting for employer reference from Chelsea and I have to conclude the missives next week or loose the house and be homeless with my wee boy on the 12 May!

Any thoughts would be really appreciated, suggestions of Lenders, what to do re broker incompetence, the number for the local off-licence....

Thank you

Karen

silvercar

Coventry BS quotes 15 days from receipt of application to mortgage offer. When I applied over Xmas even they kept to that. Just put in another application, posted last Wednesday, as the original deal fell through and I know they've booked the survey for today so they do seem to act quickly. I know you can apply online, print off the form sign it and put it in the post, so you could do that today. This is their normal service, you could phone them and ask them if they can do a faster service - 08457 665522.

Another option would be to go back to Northern Rock as you already have an AIP.

booey_2

If you are looking for someone to get it done in a hurry then I advise you to AVOID Nationwide like the plague!

I have been set back by over 4 weeks because my employer ref wasn't signed and dated and general incompetence

I feel as though I am going insane.

Have been to Nationwide today to give them my latest p60 . Hopefully offer will be released this afternoon. I'm keeping my fingers crossed.

Good luck Karen

kazclogs

Fingers crossed for you!

I'm just back from brokers and she has put an electronic application through to Northern Rock - she seems relatively confident they will be happy without chasing references (don't have time). They recieved it today and hopefully look at it tomorrow, should get a verbal go-ahead on Friday and can sign missives at start of next week - all in time for completion on 12 May. I personally think pigs will fly sooner and in anticipation I am emptying some carboard boxes to refit with teeny bits of carpet and cut out leetle windows.

Hope it all goes well with your offer and thanks for the head's up.

Karen x

regularsaver1

booey - your employer ref was not signed and dated - is that nationwide's fault?

to stick up for lenders and assessrs, file checks are done on them to make sure all is right - things like that fail straight away

i don't see how that was lenders fault, that was employers fault

karen don't they have to do survey to get full mortgage offer ?

booey_2

The unsigned form is not their fault. What is their fault is it took them 4 weeks to notice.

The form was sent back to my branch the next day, the mortgage advisor there then sent it on to the mortgage assesment people and none of them bothered to look at it properly.

How long do you think it should take to read a simple form and notice there is no date and signature? 4 weeks? Surely not.

regularsaver1

yeah that is poor

irnbru_2

kazclogs wrote:

What should I do? If I don't sign the missives the house will be put back on the market and we will be homeless. If I do I run the risk of something going wrong and losing thousands.

You can always find a place to rent.

Failing to fullfil the missives can be very expensive.

I wouldn't sign nor be pressurised into doing so.

You should at least keep the vendor updated since there is no guarantee the vendor will get an offer to match yours (they didn't before).

kazclogs

I know the survey will come back fine because I've had one done already and Northern Rock are going to 'buy into' that survey. Basically I need a verbal confimation that they have all the supporting docs they need and aren't going to request an employer's reference - NHS ones can take weeks to come back. Ill be happy to sign on that basis and worry about the actual lending coming through in time later.

Am I right to presume that if no further supporting documentation is needed and your wageslips and P60 match your income as on the application form that it's very unlikely that the mortgage fall through? (Sorry, messy sentence).

kazclogs

Oooh, and regards the seller - I am really nervous about getting in touch and explaining that a month down the line I don't have a mortgage in place (essentially the case, regardsless of that being the fault of my broker). I would run a million miles from a buyer that said that to me - it would break my confidence in the person's ability to pay at all and I think, in my sellers position, I would put the property back on the market. I just presumed she would feel that way, what do you guy's think? Would you be understanding if your buyer was in my position?

Thanks to y'all

Karen x