Woolwich supplementary conditions confusion.

TommyV

Hello

First time posting and a first time buyer looking for some advice,
Me and my partner are in the process of buying our first property,
we have just received our mortgage offer from woolwich, but the offer has supplementary conditions, You must repay the following commitments in full within 30 days of mortgage completion Credit agreement/Hire purchase *******. I used a mortgage broker aswell who got the offer from woolwich, but at no point did i state that i can pay these debts in full before completion, if i could i would have already, Im really confused and annoyed because now i dont know whats going to happen, Being a FTB aswell this is super stressful, Some advice would be great!

Thanks

Rob_Robertson

Check the application form (if you have it?) to see if the 'repaid on completion' box is ticked on anything, broker could have fudged it to get the application through.

amnblog

Nothing to worry about. Simply speak to your broker to resolve this.

TommyV

Hello thanks for reply, what do you mean nothing to worry about, are these things added as a precaution ? Or could it be a mistake ?
Thanks

amnblog

I mean I expect it will be resolved without difficulty.

minimike2

To be fair it does sound like it is possible the broker has ticked that the debt will be repaid on completion, meaning it would have been excluded from affordability calculations..... Likely outcome is re-assessment with it included and a re-offer, on the assumption that it still passes.

WillyWonga

I had a condition like that on my mortgage. In reality Woolwich arent going to check that it has been paid. I remember speaking to my solicitor over this and they said they had received the instructions from the bank to check my debt had been repaid. They said once the mortgage amount has been paid out the bank wont put the time and effort into and what happens if you didnt repay - would they say right we want our £150k back for example..... dont think so.

Ignore the condition - if you go for reassessment chances may be a decline.

cahillg81

Dear lord, ignore the condition. What?

It's a condition of the offer, if you don't you are in breach. The lender has many courses of action to take not just asking for the funds back.

It could be an honest mistake it might not be, the broker has committed mortgage fraud if they have done this deliberately. Whilst the rest of us are giving sound ethical advice and declining business there are charlatans who don't care if you lose your house as long as they get a fee and a proc fee.

davidmcn

TommyV wrote: »

"You must repay the following commitments in full within 30 days of mortgage completion"
...
at no point did i state that i can pay these debts in full before completion

Is there maybe some confusion about the timescales? They mean (although it isn't very clear) 30 days after completion. Is that something you can manage?

TommyV

davidmcn wrote: »

Is there maybe some confusion about the timescales? They mean (although it isn't very clear) 30 days after completion. Is that something you can manage?

Hi David

Oh okay I understood it as before completion, and no I probably couldn't manage it after within 30 days . But I can afford to keep paying it monthly like I do, I'll speak to broker today and find out what this all means !

Thanks

amnblog

Everyone's getting a bit dramatic here.


Most likely is that the debts were entered as being repaid by accident and it meets affordability anyway as ACG says.


Let's wait and see what the Broker managing says before we 'string him/her up'.