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Nationwide Mortgage Declined just before COMPLETION
Comments
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kingstreet wrote: »Have you actually purchased this property at auction without a mortgage offer in place on the auction day? :eek:
My thoughts exactly - plus they had no deposit themselves, and were relying on gifted deposits from seven family members.
This is all going to end in tears....."You were only supposed to blow the bl**dy doors off!!"0 -
I'm not so sure now. How could they pay the 10% deposit on the day of the auction if they are only just getting it together now?
I'm confused.
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 -
Perhaps some of the money from their family members had already been gifted prior to the auction???"You were only supposed to blow the bl**dy doors off!!"0
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Hi broker doesn't charge me any Fees till the case hasnt completed
It's an auction where u have to pay a reservation fees to have your offer accepted. Reservation fees is 5% of purchase price plus VAT
We have 28 days to exchange contracts and 28 days to complete.0 -
So you have paid 6% (inc VAT) reservation fees.
Where about are you in the '28 days to exchange contracts and 28 days to complete' process? Does this mean you have 28 days to exchange contracts, then another 28 days to complete?"You were only supposed to blow the bl**dy doors off!!"0 -
I think the OP is in the last week of the exchange (28 days).
The problem is that the process may take longer to get an offer from a lender. You need a very good broker to deal with this situation.
I think this is what you need to do:
- Get a very good broker pronto
- Call the auction team to request an extension on the exchange date due to the issue with the lender
Hopefully this will work out.0 -
Thread title suggests exchange has taken place, unless this is a case of exchange/completion on the same day."You were only supposed to blow the bl**dy doors off!!"0
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Good opinion above, first step see if you can get an extension.
Best case lender at the moment, you are looking at 5 days from application to offer - not the best rates mind you..
May well depend upon how quick the surveyor can be..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 -
28 days are due to finish tomorrow
can anyone suggest a good broker?0 -
You're not going to get a mortgage in less than 36 hours.
Presumably, that's the 6% fees you have paid you will never see again."You were only supposed to blow the bl**dy doors off!!"0
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