Little advise Re Mortgage

AFK_Matrix

Hi,

Not sure if anyone remembers but I had Northern Rock up their rate from 5.25 to 6.09 on the day I put my application in :mad:

So I have managed to find another lender :j and the appication has been accepted and the valuation is being organised.

My question is I need to get back to Northern Rock and very politely tell them to stick it lol. But it said that my application with this other lender isn't 100% accepted until I get my Offer to loan which I assume I haven't yet as all I have had is one of the underwriters on the phone saying they are sending me a letter and enevlope for my payslips etc.

So when should I tell Northern Rock to go stick it?? Just a bit confused if I should do it now or wait till the valuation is done and this Offer to Loan thing comes through?

Thanks.

G_M

How far had you got with NR? Paid an application fee? Are they doing any ongoing activity processing your applications? Running up costs?

If all you had was a an informal Mortgage in principal, wait till you are 100% certain of your new mortgage then drop them a line.

sirmosh

Obviously you're almost done now, but in future I would seriously just suggest using a mortgage advisor, then you don't have to worry about these things they understand it already so they can tell you what's what. They're usually free too since they work on commission from the lender.

AFK_Matrix

Yeah it was at the mortgage in principle stage and I submitted an application and they rang me about the rate change, I haven't paid anything and said I would be getting back to them to say yes or no to their mortgage.

Well I did use a mortgage advisor and he tried to get a Santander mortgage in principle and that failed and said there wasn't much else and another advisor said that Lloyds TSB in scotland could do me a 5.7% mortgage. And on my own I have hopefully secured a 4.99% mortgage for a fixed period of 5 years (all the others were for 2 years). So I don't think I have done too bad, but I have learnt a lot that's for sure!!!

It is most frustrating when you phone these lenders up and they say sure we can lend you x amount and then you go through the hassle of getting a mortgage in principle and they turn you down, either for a low credit score (this I can understand) but also because of your salary (surely they know how much they can lend based on salary !!!!!!!!!)

Anyway I will wait until this mortgage is 100% thanks G_M.