Need urgent advice - what would u do????

onthebreadline

Hi

Posted similar but thought it may be on wrong forum.

I am FTB, have to complete by 1st March OR I Lose the property and 10% deposit.

FA quote for mortgage - more than mine.
FA can almost guarantee money through on time
FA fees for all this taking everything in 1600.00 MORE over 2 years than if I do it myself.

My problems;
1. My payslip has a different address on it. My OH, I did not move in but did not get it changed back to my parent address.

2. Don't think I am on the electrol register at any address.

I have set the ball rolling, got a quote, faxed copy of payslip (that's all they asked for !!?!!)
and Paid for valuation to be carried out - this can be cancelled as they have not yet instructed anyone to do this.

I have no debt and only 1 credit card which I have not used.

What would you advise/do ????

thegirlintheattic

See my post in the previous section.

betmunch

why do you HAVE to complete by the 1st March? Thats only a few weeks!

onthebreadline

28 days from sale at auction.

betmunch

You bought at auction without having the money to pay? What the hell were you thinking? No matter, whats done is done. Which lender have you found, and which is the Mortgage Adviser recommending?

GMS

14 working days to complete. It will take a hell of an effort and loads of luck.

Have you got solicitors doing the conveyancing at present? If so have you checked they are on the lander's panel?

You say FA says they can ALMOST guarantee the monies in time? The word almost renders the word guarantee useless by definition.

onthebreadline

betmunch wrote: »

You bought at auction without having the money to pay? What the hell were you thinking? No matter, whats done is done. Which lender have you found, and which is the Mortgage Adviser recommending?

Nobody in Scotland will offer you a mortage unless you have put in a bid for the property, which being at auction I had not done.

Halifax and MA - Halifax one and the same, only difference is I can get a better rate and discounted fees.

Solicitors all OK and have done everything possible, only waiting on the funds now.

betmunch

I'd say with halifax u have a chance. So glad you didnt say HSBC! Your mortgage advisor will have access to a BDM who should b able to push it through quicker. Good luck

onthebreadline

betmunch wrote: »

I'd say with halifax u have a chance. So glad you didnt say HSBC! Your mortgage advisor will have access to a BDM who should b able to push it through quicker. Good luck

Thanks, that's what I really want to hear.

but what about my 2 main worries???

after I get them sorted I will have only 1 Main worry - will they complete on time?

Whats a BDM?

GMS

onthebreadline wrote: »

Solicitors all OK and have done everything possible, only waiting on the funds now.

How can you be waiting on the funds when you stated in the first post that the valuation has not been done?

Did you have a survey done prior to bidding at auction? Auction properties are often troublesome which is why they are there.

You have no idea what any offer will require. There may be conditions to satisfy.

onthebreadline

GMS wrote: »

How can you be waiting on the funds when you stated in the first post that the valuation has not been done?
mortgage company carrying this out next few days, as soon as they get the valuation and carry out credit checks, they will make offer of funds. No one has yet addressed my 2 main worries; will I pass the credit check because of my address on payslip and name not on electrol register?

Did you have a survey done prior to bidding at auction? Auction properties are often troublesome which is why they are there.
No, and I do understand they are often troublesome, but not in this case. I have lived in this area for over 40 years and know the property well, It is only a few minutes walk away.

You have no idea what any offer will require. There may be conditions to satisfy.
I am fully aware they are at liberty to hold back funds, but there is no major work to be carried out on the property apart from new kitchen, new bathroom, although in fully working order - not to my taste.

Thanks for your time reading and answering.