Another Barclays Mortgage Condition Query

papa_echo

Hello
I posted most of the below at the bottom of an older post - stupid I know, so thought I'd start a new thread.

My partner and I recently applied for a mortgage with Barclays / Woolwich for a new house that we are buying.

We sat with the FA in Barclays for around three and a half hours filling in an application. One of the questions was related to how much outstanding debt you have. We explained that we had around £4k on credit cards and that at the rate we're paying back it would be clear by early 2012 - even taking into account higher mortgage payments. The FA then calculated the affordability based on our incomes and was more than happy that we could afford the repayments and said that it shouldn't be a problem with the application. We continued through the application and it was approved subject to valuation of the new property - which incidentally went through fine too. This was about two weeks ago.

Yesterday we received the mortgage offer but we were shocked to see that there was a supplementary mortgage condition which stated:

"You must repay the following commitments in full within 30 days of completion of this mortgage without taking on further borrowing:
Credit Card £4,000"

As you can imagine we were a bit confused - we'd highlighted to the FA that the debt would be cleared by early 2012 and that with all of the other associated costs of moving, we would not be able to repay that debt much earlier. We also read the whole set of T&C's and did not spot anywhere the requirement to have to repay this and the FA had not even mentioned that it could be a possibility.

Can anybody advise me what the best course of action should be?

We've informed Barclays and they weren't much help - the FA we dealt with is on holiday - but seemed to think that a revised offer may take at least a week, assuming that they agree to remove this condition - but this may then start to hold up the exchange on the new property. If they don't remove the condition we may be in a spot of bother.

Any help or advice would be greatly appreciated.

Cheers
PE

hcb42

I think you have done all you can, unless someone else in the Woolwich can take over and resolve it for you while the FA is away. Either they reconsider and remove the clause, or you will have to pay it, if you want to complete with them..