Devastated

*EssEncE*

Not sure why you say your sister will have to pay her buyers expenses if she pulls out? Unless theres some agreement in place between the solicitors, but I doubt that is the case as she hasnt exchanged. Until one has exchanged contracts, there's nothing binding. I know you sister won't want to upset her buyer, but if she has to withdraw, she has too.

If Nationwide agree and offer her the mortgage tomorrow, great, less costs, hopefully quicker transaction.

However, if they say no...

She will have to decide whether or not she still wants to sell or withdraw. If she wants to sell she needs to get intouch with a broker asap. It will delay the transaction and cost more, but it's unavoidable.

From the viewpoint of a new mortgage lender, it won't help that Nationwide declined her original application but shouldnt adversly affect her chances of obtaining a mortgage. It's just a case of finding a flexible lender, possibly a non-conforming lender. Which will mean the rate she is offered won't be the best.

STOTTYCAKE_2

Thank you for all your help.

KTF

I would still see a broker and look around for another deal as there is no guarantee that Nationwide will say yes after the 3 month wait.

What are they going to do if Nationwide say no again, ask their buyers (assuming they agree to stick around) to wait for another few months. If they do agree to wait then you are doing well, ask them do do it again and they will almost certainly walk.

Why havent they used the savings to pay off some of the debt before? If they are paying interest on it then it would seem the logical thing to do.

STOTTYCAKE_2

Thank you for all that

*EssEncE*

STOTTYCAKE

Your figures don't make any sence...

It probably best you PM me

homer_j_3

EssEncE - Please note that you should not be asking people to PM you. The poster clearly has no issues in posting figures on here. The rules of the forum for Mortgage Advisers are in part as follows

Mortgage Advisers' Profiles. Mortgage Brokers may have the name of their business and a single link to their website in their profiles. However even within their profile it should not be encouraging users to contact them (i.e. no ‘contact me if you’ve a problem’ or even ‘happy to help').

In my opinion, common sense would say that if you should not encourange people to PM you in your profile then these rules should be the same for in the posts you make in the forum.

Mortgage Advisers should not tout for business on the boards or in PMs.

Whilst it may be argued that you have not directly touted for business here, it may seem a bit strange to others why you would need to take this post to PM when so much detail and facts have been disclosed in the public forum. The OP is more likely to get a broader opinion there than just through you in PM.

However if a user requests their service either via PM or forum post then I have no objection to that and the business generated. Yet if someone requests the service by a post on the board, the broker should simply post to say “I will PM you” rather than posting details there.

Any mortgage adviser found to be flouting this ‘no touting’ rule will potentially lose their rights to post on the forum (PPR). This applies whether the adviser is using a signature or not.

There has been no request for specific help from you and the OP is not actually the person requiring help but this still applies. You should not be seen to be looking for an "angle" to maybe self promote or tout.

I understand that your intentions may have been honourable and it was not your intention to touting but you are a new to the forum and may be unaware of the rules or how it may come percieved by others.

My advice would be to keep all contact in public unless the poster specifically pm's you or asks you to pm them.

I am not a moderater or anything so please take this post with the intention it was meant - just some help to help you get on better whilst posting on the forum.

To the OP - Please approach with caution any offer of advice from this public forum and do not accept any unsolicited pms offering advice.

homer_j_3

Getting back on track - I can't imagine that Nationwide would look to consider to lend your sister anything more for 3 months and there is no guarantee that they will lend then either. The best thing that you can do is get your sister to propose to the NW the transferring of current mortgage balance but I would say that she may want to make it clear to your father that there are no certainties that his money will be returned in 3 months due to the fact that NW could say no again.

I am guessing that there will have to be a decision made quickly on what action to take as I am sure the buyer of her property will not be happy being asked to delay by 3 months only to be potentially told that she can't move because her lender has refused again.

If the house is the house to be and it ticks everybox, what is 4k for a nice house for their child to be introduced into and to have enough space to enjoy the new addition to the family. If its not worth paying 4k for then I would suggest that its not the right house for her.

There are other lenders that will be less picky yet still offer good rates if she decides to swallow the charge. I too cannot see how she will be responsible for costs as you only become liable following exchange of contracts.

*EssEncE*

Comments noted homer_j

I will refrain from PM to avoid any misconception.

:beer:

*EssEncE*

Silly me forgetting the Portability.

Anyway STOTTYCAKE, as homer_j pointed out. Nationwide will have set criteria in respect of accepting the port of her existing mortgage to the new purchase property. The have to be satified with the security been offered. Tell your sister she'll need to contact them to discuss the ins and outs.

If all is well and good with NW, it's your Dad then that might be sweating on the repayment of his £38k.

As with any of the scenario's, it all depends on how much the buyer wants the property. Surely if her heart is set on it, what's £4k in the long run? So a simple case of switching lenders and easing Dad's worst fears he could be £38k out of pocket for x amount of months / years.

homer_j_3

just an after thought - could she maybe try and reduce the 4k loss by asking the chain to help absorb some of this - maybe getting the seller of the house she likes to move a bit to help you continue and the buyer to move a bit?

Its a bit cheeky but it may work if she cannot afford to swallow 4k and 2 people get the houses THEY want for a small bit of consideration?