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The last hurdle?
kmate
Posts: 113 Forumite
Hello all...
Quick summary. We have sold our house. We have had our offer accepted on our "new" house.
We have done a couple of preliminary chats with local whole of market advisor. Got mortgage illustrations etc. We are going in tomorrow to put ACTUAL application in for mortgage.
Right. When we spoke to MA the other day,she took all our financial details, and asked what our requirements were. She advised us to keep our present mortgage (woolwich) as low rate, and go for a top-up mortgage with them.
This was fine by us, obviously keeping our original mortagage means an interest rate saving, and also no early redemption penalty. We left it at that stage because at that time our offer on the "new" house had not been accepted, so we were unsure what the final application amount would be.We were honest regarding wages, and explained that we have good credit rating. We have a loan for a car, always paid on time blah blah blah....
She said that it was not an issue that we have a car loan. She didnt seem to require any details about the value or length of loan. (my husbands employers pay for his car via a car allowance - this more than covers the loan)
She rang the woolwich and checked details with them and they said it all seems fine, as long as credit checks allow.
Anyway, we were a bit shocked that she dismissed this loan, we are assuming that we need to declare it on the application, even though she brushed it aside? We obviously dont want anything to go wrong at this stage.
In your experience, when its a top-up mortgage with same lender, are they less stringent with their checks? Will this loan be a serious issue?
I know that it will either be ok or it wont, but the worrying is awfull!
Any words of wisdom?
Quick summary. We have sold our house. We have had our offer accepted on our "new" house.
We have done a couple of preliminary chats with local whole of market advisor. Got mortgage illustrations etc. We are going in tomorrow to put ACTUAL application in for mortgage.
Right. When we spoke to MA the other day,she took all our financial details, and asked what our requirements were. She advised us to keep our present mortgage (woolwich) as low rate, and go for a top-up mortgage with them.
This was fine by us, obviously keeping our original mortagage means an interest rate saving, and also no early redemption penalty. We left it at that stage because at that time our offer on the "new" house had not been accepted, so we were unsure what the final application amount would be.We were honest regarding wages, and explained that we have good credit rating. We have a loan for a car, always paid on time blah blah blah....
She said that it was not an issue that we have a car loan. She didnt seem to require any details about the value or length of loan. (my husbands employers pay for his car via a car allowance - this more than covers the loan)
She rang the woolwich and checked details with them and they said it all seems fine, as long as credit checks allow.
Anyway, we were a bit shocked that she dismissed this loan, we are assuming that we need to declare it on the application, even though she brushed it aside? We obviously dont want anything to go wrong at this stage.
In your experience, when its a top-up mortgage with same lender, are they less stringent with their checks? Will this loan be a serious issue?
I know that it will either be ok or it wont, but the worrying is awfull!
Any words of wisdom?
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