Woolwich: Supplementary Conditions

Lady_A_2

Hello everyone,

Please please I hope there is someone who maybe able to help. :A

My husband and I have been having a real nightmare experience with Woolwich. Our mortgage offer from Woolwich has the following condition:

Your existing mortgage with Halifax account number(s) ...... must be repaid on, or before completion of this mortgage with our taking on any further borrowing from another source

We have exchanged and are set to complete next week, Friday 24th July, but it is unlikely that we will 'repay' the Halifax mortgage before this date.

We are getting mixed messages from the Barclays Closing Team. We were told, if we get a Consent To Let approved for the Halifax mortgage, this would satisfy the condition. But speaking to someone else today in the same department, they disagreed.

Does anyone have any experience with the condition from Barclays and the Consent To Let from Halifax?

Any advise would be greatly appreciated, as this is really stressing me out

Lady_A

betmunch

You are right to be stressed out, your solicitor should have checked you meet the conditions of your new mortgage.

Why isn't the Halifax mortgage being repaid if you said it would on the Woolwich application?

kingstreet

Lady_A wrote: »

Hello everyone,

Please please I hope there is someone who maybe able to help. :A

My husband and I have been having a real nightmare experience with Woolwich. Our mortgage offer from Woolwich has the following condition:

Your existing mortgage with Halifax account number(s) ...... must be repaid on, or before completion of this mortgage with our taking on any further borrowing from another source

We have exchanged and are set to complete next week, Friday 24th July, but it is unlikely that we will 'repay' the Halifax mortgage before this date.

We are getting mixed messages from the Barclays Closing Team. We were told, if we get a Consent To Let approved for the Halifax mortgage, this would satisfy the condition. But speaking to someone else today in the same department, they disagreed.

Does anyone have any experience with the condition from Barclays and the Consent To Let from Halifax?

Any advise would be greatly appreciated, as this is really stressing me out

Lady_A

When you applied to Barclays did you say the Halifax mortgage would be repaid, or retained?

If you said it would be retained, did you confirm it would be let and provide the necessary evidence of rental income, or did Barclays confirm the new mortgage would be affordable if the old one was retained anyway?

This is a normal everyday part of mortgage arrangement and it is completely normal for the lender to insist the current mortgage is redeemed on or before completion before the new mortgage can be drawn-down.

Why has your solicitor allowed you to exchange contracts with this condition if you are not able to satisfy it?

Lady_A_2

We had intended to repay the mortgage with Halifax buy selling that property. We were in the process but then got told by Barclays (and our mortgage advisor) that our mortgage had expired in June (we were told on the actual day of expiry!!!!), only to find out weeks later they were mistaken (they were having computer problems!). They have admitted their error and confirmed our mortgage actually expires in August. The FCA ombudsman are involved and a complaint has been logged. Because of all that, the sale of the Halifax property fell through.

We were then told by Barclays that getting a Consent To Let from Halifax, would suffice until the Halifax property was sold (as we would be renting it out in the interim). The women we spoke with yesterday at Barclays disagrees, that the CTL will be sufficient.

Its just a mess :sad:

Icequeen99

Lady_A wrote: »

We had intended to repay the mortgage with Halifax buy selling that property. We were in the process but then got told by Barclays (and our mortgage advisor) had expired in June (we were told on the actual day of expiry!!!!), only to find out weeks later they were mistaken (they were having computer problems!). They have admitted their error and confirmed our mortgage actually expires in August. The FCA ombudsman are involved and a complaint has been logged. Because of all that, the sale of the Halifax property fell through.

We were then told by Barclays the getting a Consent To Let from Halifax, would suffice until the Halifax property was sold (as we would be renting it out in the interim). The women we spoke with yesterday at Barclays disagrees, that the CTL will be sufficient.

Its just a mess :sad:

I am not a mortgage expert but we are just completing on a barclays/woolwich mortgage and we have that same clause and our solicitor has said that we have to provide proof of paying off our existing mortgage in order for them to complete the woolwich mortgage. I think the wording is quite clear - if you get consent to let you are not meeting the conditions and I don't see how your solicitor would be able to let you complete as they have to confirm all conditions have been met.

IQ