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FTB problem just before exchange - panic stations!
lil_miss_insanity
Posts: 180 Forumite
Hi, sorry for the somewhat rambling thread, but I'm in a bit of a panic and need some reassurance. The whole buying process is a nightmare - and 90% LTV is a myth!
Background of buying process so far:
- My husband and I currently in rented, will be on periodic tenancy from 5th June. Mortgage will be in my sole name as his work is casual and not permanent. Before finding this house, one lender told me they treat him as a 'dependent' due to no permanent contract.
- Offer accepted at end of March, survey fine, solicitor instructed etc.
- Mortgage through broker at 90%LTV - rejected by 2 lenders on DIP stage (one okay on affordability but rejected on credit score - despite 998 experian rating, other okay on credit score but rejected on affordability! Argh!)
- Mortgage advisor went off sick and wasn't contactable for 4 days, whilst EA chased me for this 'quick sale' I'd promised - finally the manager sorted out for a colleague to put an application through with the Halifax - who rejected at 90%LTV but accepted at 85%LTV. 3rd time lucky.
- Bank of Mum gave me the extra deposit cash - Mortgage offer given (after paying double for basic valuation what I paid for homebuyer report at first...)
- All conveyancing done (although solicitor changed hands 3 times in the firm...), contracts signed and returned and deposit, SDLT and fees paid...
Then yesterday, the latest solicitor calls to discuss a completion date prior to exchange. We're ready to go. Then 2 mins later I get a call back. She noticed I used the word "we." Looks like in the big broker mess, they hadn't mentioned my husband's occupancy in the most recent mortgage application. I hadn't spotted it, they didn't spot it, solicitor didn't spot it until now...
I'm terrified that they'll withdraw the mortgage offer - is that likely? Solicitor is contacting Halifax to get them to send out a new form for my husband to sign - will that be it? I am so nervous as so much has gone wrong so far.
Background of buying process so far:
- My husband and I currently in rented, will be on periodic tenancy from 5th June. Mortgage will be in my sole name as his work is casual and not permanent. Before finding this house, one lender told me they treat him as a 'dependent' due to no permanent contract.
- Offer accepted at end of March, survey fine, solicitor instructed etc.
- Mortgage through broker at 90%LTV - rejected by 2 lenders on DIP stage (one okay on affordability but rejected on credit score - despite 998 experian rating, other okay on credit score but rejected on affordability! Argh!)
- Mortgage advisor went off sick and wasn't contactable for 4 days, whilst EA chased me for this 'quick sale' I'd promised - finally the manager sorted out for a colleague to put an application through with the Halifax - who rejected at 90%LTV but accepted at 85%LTV. 3rd time lucky.
- Bank of Mum gave me the extra deposit cash - Mortgage offer given (after paying double for basic valuation what I paid for homebuyer report at first...)
- All conveyancing done (although solicitor changed hands 3 times in the firm...), contracts signed and returned and deposit, SDLT and fees paid...
Then yesterday, the latest solicitor calls to discuss a completion date prior to exchange. We're ready to go. Then 2 mins later I get a call back. She noticed I used the word "we." Looks like in the big broker mess, they hadn't mentioned my husband's occupancy in the most recent mortgage application. I hadn't spotted it, they didn't spot it, solicitor didn't spot it until now...
I'm terrified that they'll withdraw the mortgage offer - is that likely? Solicitor is contacting Halifax to get them to send out a new form for my husband to sign - will that be it? I am so nervous as so much has gone wrong so far.
0
Comments
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Surely you had to declare, in writing, the names of any other adults that would be living in the property?"You were only supposed to blow the bl**dy doors off!!"0
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maninthestreet wrote: »Surely you had to declare, in writing, the names of any other adults that would be living in the property?
I made the application over the phone and stupidly didn't notice when the mortgage offer paperwork came through that it had no mention of OH. I'd given all of the info to the brokers before (verbally) - they copied most of it over from previous applications, I just filled in the gaps over the phone. I just had to sign the mortgage deed - only paperwork for mortgage I wrote on, and that was just a signature.
I know I'm an idiot for not noticing it in the mortgage paperwork - that is a given.0 -
Basically all the form will be is for your OH to sign to say that in the event of you defaulting on payments, your OH has no interest (financial or otherwise) in the house so that Halifax can reposes the house.0
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Basically all the form will be is for your OH to sign to say that in the event of you defaulting on payments, your OH has no interest (financial or otherwise) in the house so that Halifax can reposes the house.
Thanks, I'm hoping that's all it is. I'm just worried that given that they haven't been told about him when they did the underwriting, they could take the same attitude as YBS and decide he's a "dependent" and have to reassess affordability...0 -
Did your solicitor not have you fill in an information sheet which they share with your lenders? We had one to sign which basically said our circumstances hadn't changed since applying for the mortgage and who would be living in the property. This couldn't be completed over the phone as signatures were required and this was separate to the mortgage deed.0
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lil_miss_insanity wrote: »90% LTV is a myth!.
Not quite.
Just vanishingly rare.
Only 2% of mortgages issued, or around 1000 a month. Which for a population of 62,000,000 people is just laughable.“The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.
Belief in myths allows the comfort of opinion without the discomfort of thought.”
-- President John F. Kennedy”0
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