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Can mortgage offer be withdrawn before completion if applied for loan ??
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danish_ali
Posts: 1 Newbie
Got my answer!!!!
0
Comments
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Potentially yes is the answer to your question.
How much is the loan value?0 -
So you are trying to use a loan for your deposit?
Good luck with that one.0 -
danish_ali wrote: »Not really loan is to pay back the money £5,000 we have got from our relatives!!!
Don't be sarcastic guy please advise if you can !!!
If your paying it back, its a loan. Whether it is from your relatives or not its still a loan.
You are on very shakey ground right now I'm afraidI 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 -
OK, no sarcasm this time.
You have declared for your mortgage application that the source of your deposit is a gift when it is in fact a loan. A loan which you will pay back by taking out another loan.
This application is fraudulent and I can't see why your solicitor would sanction it. Did you tell them the whole story?0 -
danish_ali wrote: »Not really loan is to pay back the money £5,000 we have got from our relatives!!!
Don't be sarcastic guy please advise if you can !!!
It's not sarcasm. It's true.
If you are paying the money back to your relatives then it wasn't a gift, it was a loan. If you have told your lender that the source of the deposit is a gift then you have told them a lie. To make it worse you have planned it from the start. I would say this is most likely a fraudulant application.0 -
Just out of interest what was the emergency that cost £5,000 so close to completion?
I know its irrelivant, I am just curious!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 -
Going to hazard a guess at the remaining deposit needed.
It has not exchanged yet, so why borrow the money before this for the deposit to appear only then to be time pressured into giving it back.
Sorry does not add up - happy to be wrong but thats the way I read the thread..I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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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