Mortgage offered, but subject to conditions!

suniil

History

I live in a mortgaged (HSBC) flat since jan 2005. 3 weeks ago i've seen a townhouse at next door with a bargain price tag! Without looking into my financials i've given an offer and it has been accepted. I've put my property in market, i've no plans to sell it as the part of a chain.

Current situation

Abbey national has I've got an (formal) offer from abbey national yesterday stating they are happy to provide mortgage. Offer consists of 3 parts, and part B sets a list of conditions. One condition says, you have to close down exisiting mortgage before or when you complete your transaction.

Do I have to wait to sell my house & close current mortgage to get the mortgage money issued from Abbey? or it's a standard T&C.. etc?

many thanks in advance
sunil

Mr_helpful

I think you will have to go back to the Abbey and tell them you are going to rent your existing house. Abbey are not really in the let to buy market. You needed a lender that would not force you to redeem existing mortgage. Did you use a broker? If so shoot her.

Violet_Isle

Abbey will do let to buys, get your broker to phone them and sort it out and also tell you what you need to do.

Did you go into this thinking you could complete on one mortgage without redeeming the other or did you think your income was high enough to support both mortgages?

suniil

Thanks, i did used a broker. he is on holidays for another 2 weeks!!

Mr_helpful wrote: »

You needed a lender that would not force you to redeem existing mortgage. Did you use a broker? If so shoot her.

suniil

My broker knows i'll settle my current mortgage but not as part of chain.

My *taxable income* is not high enough to support both mortgage, but i can manage both mortgages concurrently without any issues (at least for 1 year), but my property is already in market for sale

Violet_Isle wrote: »

Abbey will do let to buys, get your broker to phone them and sort it out and also tell you what you need to do.

Did you go into this thinking you could complete on one mortgage without redeeming the other or did you think your income was high enough to support both mortgages?

Violet_Isle

suniil wrote: »

Thanks, i did used a broker. he is on holidays for another 2 weeks!!

u

Hi Sunil

Most brokers, if part of a big firm will nominate someone else to look after your mortgage whilst they are away

If they are a smaller broker, or a sole trader they will usually have a locum agreement so there is a point of contact for their clients

Has your broker not informed you of such an arrangement?

suniil

no! when i tried to email my broker this morning i got an auto-reply stating he is on holidays!

Violet_Isle wrote: »

Has your broker not informed you of such an arrangement?

suniil

just got an update from broker, that not to worry at all. Abbey just need a letter from nearby estate agent stating average rent my property can attract!! never thought that simple as is