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Supplementary conditions
brunk_marlow
Posts: 3 Newbie
Hi,
We have been approved for a Bristol & West self-cert mortgage, and have the offer document which states that we need to pay off a couple of our loans prior to completion of the mortgage.
I don't really want to do this - as there are penalties involved, and we can afford both (the loans run out in a couple of years). However they obviously feel we should pay these loans off... will they ask to see evidence it's been paid off?
Anyone else had this??
We have been approved for a Bristol & West self-cert mortgage, and have the offer document which states that we need to pay off a couple of our loans prior to completion of the mortgage.
I don't really want to do this - as there are penalties involved, and we can afford both (the loans run out in a couple of years). However they obviously feel we should pay these loans off... will they ask to see evidence it's been paid off?
Anyone else had this??
0
Comments
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Their affordability calculation takes account of your other commitments, so the amount they have offerred you is based on the loans being paid off. You could speak to them, explain that you want to keep the loans because of the charges but then Bristol would reduce the amount they are willing to lend.
If you say you are going to pay off the loans, but in fact have no intention to do so, technically that is fraud, sometmes they may check, but usually not.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.0
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