Nationwide mortgage offer - special conditions

memz_2

I am looking for other peoples' opinions on this:

My partner and I have received our mortgage offer for our new house from Nationwide.

We applied through a broker and when we applied I told her I had a credit card with a balance of £877 and would have this reduced to £600 by the time we move (paying off £277 before the move).

The mortgage offer states the following under the special conditions section:
"Debts you will repay on or before completion of this mortgage: credit card with TSB with an approximate balance of £277. While these debts may be repaid from the proceeds of this loan, they may not be transferred to any other lender. "

Can anyone shed any light on this? I called the broker and they looked at my application and they said "you only have to pay £277 towards your balance" but this doesn't make sense to me as it is not what it sounds like on the offer. To me it sounds like the offer is asking me to clear my balance before the move and they have an incorrect amount for the balance.

HELP.

kingstreet

On NFI online, you enter the full balance on a card, then the amount which will be cleared by completion.

That is reflected in the offer.

It's correct. Worded clumsily, but correct. TBH I'd have left it as it was.I can't imagine £277 affecting affordability at all.

memz_2

So all it is asking me to pay is £277 towards the balance of £877? Not to clear the balance?

kingstreet

Yes. Your broker has probably entered £877 in the balance box and £277 in the balance to be cleared box and the system words it as it does.

If you want to check, ask the broker for a copy of the Application Summary which is returned at the end of the application submission process. Many brokers provide a copy automatically, but those that don't can do so, if asked.

memz_2

Thank you so much. That's a weight off my mind.