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Mortgage condition question
Comments
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Yes.
I have at least 1 client whos intention was to clear the debts but didnt.I am a Mortgage AdviserYou 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.0 -
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No because the offer said to clear within 30 days they never checked after completion (probably because it would cost them more to withdraw the money?) Im sure there are some they check and write a strongly worded letter but I think its the minority of cases.I am a Mortgage AdviserYou 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.0
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Thanks - I'm not going to risk it though
"Normal is not something to aspire to - it is something to get away from" - Jodie Foster0 -
I do know people who took a mortgage with a similar condition. A year after moving in, they applied for a further advance - for debt consolidation, to repay the debts they should have paid within 30 days of completion. When the lender said no, they complained about how it was unreasonable for the lender not to let them borrow any more.
The lender's response was a very polite version of "you have got to be kidding me", but that was as far as the lender took it.0
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