please please help

DMC75_2

My friend had a mortgage arranged with nationwide as a first time buyer at 85% (father as a gurantor) but the vendor has decided not to move , so they found a repo at good price and tried to move the mortgage across to new property.

mortgage advisor said the repayments would go up from 750 to 1300 as a result (even though money borrowed was to be 2500k less)but there was a possibilty of new halifax mortgage , obviously they are stressed now and half dont believe the mortgage advisor (think he is out for commosion)but they are on timescale., are they limited with the father being guarantor .also does the 28 days with repo start from time they had offer accepted are when ?

Thanks so much in advance

herbiesjp

That is a bit of a jump in repayments

What was the original mortgage amount and rate?

What was the new mortgage amount and rate with Halifax?

I would definitely get a second opinion, if anything just for peace of mind.

Make sure you get a whole of market mortgage adviser.

Mrs_Bumble

Was the dad on the original offer?

His age would limit the mortgage term and so that could make it more expensive, but doesn't really explain why it wasn't just as expensive originally.

As Herbiesjp says above need to know a bit more info really, and also are Nationwide offering the same deal, just a change of property?

DMC75_2

yeah dad was on original offer and 167500 over 25 yrs and rate was 6.2% originally , mortgage advisor didnt say new rate apparently.

Thanks for help , they are stressed as dont want to lose this repo

herbiesjp

6.2%?

That is not a great deal, although at 85% there are not really any great deals out there.

How old is the dad, do you know?

This might be limiting the options available, as there are lower 85% deals out there

DMC75_2

I would say about early 50's , they did say a gurantoor thanks for your help . Do you think they can get the mortgage offer in the 28 days to complete ?

herbiesjp

It is possible

However they would need to move quickly to make sure everything is order to make it happen

If they do go for the second opinion they need to move quickly, and stress the urgency to the adviser they speak to.

DMC75_2

one quick question with a repo is it 28 days from offer accepted or some other way ?