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HELP! Abbey Mortgage Declined - appealing now!

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Comments

  • Wh05apk
    Wh05apk Posts: 2,938 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    IMF wrote: »
    Yes make sure you do! Get a letter from your employer to say where you're based to cover yourself.



    Thanks! :)



    Thanks!

    Got the call from my broker. Got the offer today! Am chuffed but still a little way to go now!!


    One quick question; I'm looking to buy a car as well with a hefty deposit and finance working out at £100 per month. The dealership tells me that I need to take it up by this weekend if I want to take the offer (possibly just sales talk). Am I safe to go ahead with this now or should I wait until I complete on the house?

    Strictly speaking you should advice the lender, who will then reassess affordability based on the new loan, personally I would wait for the mortgage to complete, unless you are confident affordability is not tight, and would be prepared to risk losing the mortgage.........................
    I am a mortgage adviser.
    You 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.
  • IMF
    IMF Posts: 38 Forumite
    Thanks! I think I'll wait then. Car is secondary anyway and I'm sure the salesman just wants his commission!!
  • IMF
    IMF Posts: 38 Forumite
    Meeper wrote: »
    Do you really need an answer to that question?

    Yeah the broker told me I could go ahead with the purchase with no worries but I just wanted confirmation that he was being a plank again!
  • Meeper
    Meeper Posts: 1,394 Forumite
    I don't like your adviser. I hope he doesn't work for me!
    I am an Independent Financial Adviser
    You should note that this site doesn't check my status as an Independent Financial Adviser, so you need to take my word for it. This signature is here as I follow MSE's Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • Wh05apk
    Wh05apk Posts: 2,938 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    IMF wrote: »
    Yeah the broker told me I could go ahead with the purchase with no worries but I just wanted confirmation that he was being a plank again!

    You probably could, but you have a duty to advise the lender of any change in material facts - income/commitments etc , they "probably" wouldn't find out, but if they did, and the offer was withdrawn the day before you were due to complete, how would you feel?
    I am a mortgage adviser.
    You 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.
  • IMF
    IMF Posts: 38 Forumite
    Wh05apk wrote: »
    You probably could, but you have a duty to advise the lender of any change in material facts - income/commitments etc , they "probably" wouldn't find out, but if they did, and the offer was withdrawn the day before you were due to complete, how would you feel?

    Like a complete and utter doofus! :D

    Won't name and shame the advisor as it's his livelyhood but I will not be recommending him to anyone!

    Hang on - can they still pull day before completion? Even if I've already exchanged and the only terms to the offer is that I get life insurance?
  • Meeper
    Meeper Posts: 1,394 Forumite
    They can pull an offer at any time before completion.
    I am an Independent Financial Adviser
    You should note that this site doesn't check my status as an Independent Financial Adviser, so you need to take my word for it. This signature is here as I follow MSE's Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • IMF
    IMF Posts: 38 Forumite
    Thanks Meeper - looks like I'm not going out or spending a penny in the next two weeks!
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