Mortgage approved - change of property?

sweet_sparrow

Looking for some advice please....

We applied for a mortgage with RBS via an IFA/broker after getting a DIP. This was rejected because of 1. my internet bank statements showing my current overdraft limit for all 3 months, not what it currently is (I've been reducing it) so it looked like I was over my limit and 2) my husband was over his limit one day but transferred money in the same day to keep him within limit.

Our broker appealed with some evidence from me and RBS agreed the mortgage.

However now I'm having a change of heart over the property we're buying and wondering how that will affect us. We've seen another much cheaper property we like. Do we have to apply for a mortgage all over again - which our IFA has said will be rejected because of previous rejection (even tho it was ultimately agreed)? No survey arranged yet.

Help - totally confused and feel like we're being forced into buying this property! I thought it would be straightforward to change the details esp if cheaper but IFA says not - is he right??

Thanks :sad:

ACG

Brokers cant apply to RBS can they? I thought we had to go through natwest :-S

That to one side, why would RBS decline a cheaper property if they have already agreed this one - even if it was on appeal? Are you sure your broker isnt just being lazy?

Ask him who else you can apply to for the new property and my money is on him saying something along the lines of "we can give it a try with RBS" and back tracking.

Senior_Paper_Monitor

RBS Intermediares are available to a small number of brokers while most intermediary distribution for the Royal Bank of Scotland group remains via Natwest.


Same animal - slightly lower ratio of intermediaries per account manager I believe, but primarily shared products, most of the website and procedures seem very similar.


The actual case (property swap) shouldn't be a problem in my view (based on recent past experience).

ACG

Senior_Paper_Monitor wrote: »

RBS Intermediares are available to a small number of brokers while most intermediary distribution for the Royal Bank of Scotland group remains via Natwest.


Same animal - slightly lower ratio of intermediaries per account manager I believe, but primarily shared products, most of the website and procedures seem very similar.


The actual case (property swap) shouldn't be a problem in my view (based on recent past experience).

Every day is a school day! Thanks.

jamestaylor18

I am in a similar position with santander! We had our survey done & due to the seller painting over damp to hide it & the roof leaking we have decided to pull the plug! We are viewing another house on tues eve with a different estate agent, but our advisor is attached to the previous agent!

I'm unsure if we can still use the previous agent now for financial services or not! Very confusing!

Hope you get sorted!

Senior_Paper_Monitor

There is absolutely no reason why the previous adviser cannot handle the 'change of property' generally as easy with Santander as with Natwest/RBS.


Indeed it would be daft not to so.

Dick_here

We agreed a purchase and our IFA applied for a mortgage with Woolwich a couple of weeks back, then we were gazumped so are looking for another property now. Our mortgage has been approved in the meantime (fee paid to both Woolwich and IFA), and our IFA has said to let him know the new property when we find one and assuming the costs aren't much different - we may have to borrow a bit more - we're fine to carry on without having to re-apply, subject to survey etc as normal.

sweet_sparrow

Thanks all for replying.

I'm going to call RBS in the morning and see what they say, lost trust in broker!

sweet_sparrow

Thanks all.

I called RBS and they said no problem, the application/outcome stands and will be put on hold until we find another property. So we withdrew our offer on the original property.

We're dealing with RBS direct from now on!