FTB, Halifax Mortgage offered - with conditions to pay off loan

discolil

Hi All

Wondered if anyone can help, I have today had my mortgage offer from the Halifax which im over the moon about. Solicitors are now on the case:-

At the application stage I said id pay off my car loan approx £3000

The mortgage condition says (c&P below) but I just wondered how much time they would give me, I am going to have to sell a few things to raise the extra money as all my savings are pretty much gone with the deposit to the house and legal/moving fees..... is there any chance the mortgage would complete without the loan being satisfied? I do and will pay off my loan, just might take a while and I want to exchange urgent!!!! :-

You have declared an intention to repay some or all of your
outstanding credit commitments. The mortgage advance has been
assessed on this basis and it is your responsibility to ensure that
these commitments are repaid. Completion takes place on the

condition that such repayment takes place.

GMS

You said at application you would clear it. Why say it if it was not the case?

discolil

well, orginally my application was with Abbey, for a lower deposit, and I would have been able to pay a lump of the loan off, and possibly ask my parents to help out (which im trying to avoid as they've helped me save for my deposit)

Things got complicated with the Abbey, so my FA shopped around and Halfiax was the next best offer, with a higher deposit..... I didnt think at the time about all the conditions being the same and have ended up where I am.

I do have a about 5k worth of sports equipment that I can and will sell..... but time is not on my side!

GMS

Your adviser should have taken into account the higher deposit required and applied accordingly.

Will you pass affordability with the loan in place? If so then you may be able to get a re offer without the condition. If not you will need to repay it.

discolil

thanks for your answer.... I had better get listing on ebay!!!