We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Santander/Abbey Mortgage
Viks24
Posts: 116 Forumite
Hi There
Just wondering if anyone could advise.
Basically my partner is in the process of buying a shared ownership property ( we know all the pros and cons of shared ownership as we are moving from one shared ownership to another). The share in which he is purchasing is £57000, and we have a 10% deposit. We had an AIP with a 10% deposit, and our Financial Advisor advised us to go forward to full application with the Abbey.
The full application was declined due to a low deposit, they now want a 20% deposit.
My question is this, surely they knew that we were offering a 10% deposit when deciding in principle, so why did they not tell my partner then, rather than paying out the booking fee and then telling him.
TIA
Just wondering if anyone could advise.
Basically my partner is in the process of buying a shared ownership property ( we know all the pros and cons of shared ownership as we are moving from one shared ownership to another). The share in which he is purchasing is £57000, and we have a 10% deposit. We had an AIP with a 10% deposit, and our Financial Advisor advised us to go forward to full application with the Abbey.
The full application was declined due to a low deposit, they now want a 20% deposit.
My question is this, surely they knew that we were offering a 10% deposit when deciding in principle, so why did they not tell my partner then, rather than paying out the booking fee and then telling him.
TIA
January Wins: New Ipad:j
0
Comments
-
I'm not 100% sure, but certainly in the case of Halifax, you apply for an AIP before choosing a property, so it gives you no option to input the shared ownership at that stage.
You can therefore get a mortgage agreed at 90%, but have it change at full application when extra information is keyed.I am a mortgage broker. 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. Please do not send PMs asking for one-to-one-advice, or representation.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.7K Banking & Borrowing
- 253.8K Reduce Debt & Boost Income
- 454.6K Spending & Discounts
- 245.8K Work, Benefits & Business
- 601.8K Mortgages, Homes & Bills
- 177.7K Life & Family
- 259.7K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards