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!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Very disappointed with lender. Could I challenge their decision?
paul5464
Posts: 2 Newbie
Hi All
Am disappointed with my lender. Aside from their slow processing of my application and general poor customer service, what happened yesterday has cost me real money.
Our purchase was proceeding fine when last week our sellers out of the blue announced they wanted exchange and completion in 15 days. Dates hadn't been discussed. While survey etc has all been done and there are no problems, we were hoping for a longer period between exchange and completion because we are in rented and on a couple of months notice.
After debate last week our sellers acknowledged they had been unfair to spring these timelines on us and offered to pay one month of our rent to soften the blow of paying rent and mortgage at the same time. Our sol advised this should be disclosed to our lender. Lender announced yesterday that they find the offer unacceptable and won't allow it. Am furious. Now we have no option but to take the financial hit, reject the sellers offer to cover our rent or otherwise the chain will collapse.
I don't get why a lender can do this. Our monthly rent is a tiny percentage of our mortgage amount an the sellers offer would have helped our short term cash flow and also recognised that the sellers were asking something unexpected. Yes we can find the money an will cope with this set back but it's money we would rather have used for other things.
Views?
Am disappointed with my lender. Aside from their slow processing of my application and general poor customer service, what happened yesterday has cost me real money.
Our purchase was proceeding fine when last week our sellers out of the blue announced they wanted exchange and completion in 15 days. Dates hadn't been discussed. While survey etc has all been done and there are no problems, we were hoping for a longer period between exchange and completion because we are in rented and on a couple of months notice.
After debate last week our sellers acknowledged they had been unfair to spring these timelines on us and offered to pay one month of our rent to soften the blow of paying rent and mortgage at the same time. Our sol advised this should be disclosed to our lender. Lender announced yesterday that they find the offer unacceptable and won't allow it. Am furious. Now we have no option but to take the financial hit, reject the sellers offer to cover our rent or otherwise the chain will collapse.
I don't get why a lender can do this. Our monthly rent is a tiny percentage of our mortgage amount an the sellers offer would have helped our short term cash flow and also recognised that the sellers were asking something unexpected. Yes we can find the money an will cope with this set back but it's money we would rather have used for other things.
Views?
0
Comments
-
Drop your offer on the house by the amount of rent agreed, job done.0
-
Did think of that but a) the reduction is mortgage payment will be very slight that it won't help my short term cash flow and b) given the slowness of the lender, I doubt we can get paperwork for a revised lower offer turned around in time to meet the sellers target date for completion. It took the lender 5 days to decide that they wouldn't allow this allowance....0
-
The lender will treat this as a gifted vendor deposit, which most won't allow, they will treat it as a reduction of purchase price, and hence the mortgage amount will probably reduce.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
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.4K Banking & Borrowing
- 254.4K Reduce Debt & Boost Income
- 455.4K Spending & Discounts
- 247.3K Work, Benefits & Business
- 604K Mortgages, Homes & Bills
- 178.4K Life & Family
- 261.5K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards