We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
sub mortgage sold as a loan??
Comments
-
The bank should be able to furnish your friend with a copy of the paperwork if she asks, so that's no excuse.0
-
OP, if your friend has lost the paperwork, ask the bank for another copy. They should have it on file.
If you're saying the bank have lost it then that's another matter.0 -
try answering the questions they are relevant.
what was the loan amount?
what was the payment?0 -
she tells me that the bank didn't clarify the time scale and paperwork was more or less put under her nose to sign.
Sorry, that is not possible. She is either mistaken or intentionally hoodwinking you.Yes we all make mistakes but im sure that is exactly what the banks and lending houses bank on.
Pretty hard to make a mistake on a mortgage vs personal loan. The paperwork level is miles apart. On the upside, a secured loan would be cheaper than a personal loan and Lloyds allow overpayments and early repayment without penalty outside of the deal period (which would be long gone by now).t there any recourse for this and if so who is the best people to deal with it?
As she is likely to have been better off financially, its hard to see what she is looking for. Plus, her story really does not add up to reality.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
If it was some sort of further advance on the mortgage the paperwork wouldn't just be shoved under her nose in the branch.
A formal offer would be issued, and sent to her at her home.Early retired - 18th December 2014
If your dreams don't scare you, they're not big enough0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.2K Banking & Borrowing
- 254.4K Reduce Debt & Boost Income
- 455.3K Spending & Discounts
- 247.2K Work, Benefits & Business
- 603.8K Mortgages, Homes & Bills
- 178.4K Life & Family
- 261.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards