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New illustration ?
Ftba.d
Posts: 164 Forumite
I rang to check progress of my application today and was told the valuation has been agreed but now they need my broker to write me a new illustration. What does this mean ? Broker not back in office until next week so I just wanted to ask on here to gain a deeper insight.
Thanks
Thanks
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Comments
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It could mean a number of things, did the property value up as expected?I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Yep, they valued the property at the amount that was being asked . The lady said that once the broker has written up a new illustration and shown it to me then TSB would move forward with making an official offer.
So is it right to assume that it isn't protocol for a new illustration to have to be written ?0 -
It suggests something has changed since the original illustration was produced - do you have any idea what, as you've already said it isn't the valuation, therefore wouldn't be the loan-to-value either (or product that needs to fit with the LTV)?Mortgage Free thanks to ill-health retirement0
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Trying_to_be_good wrote: »It suggests something has changed since the original illustration was produced - do you have any idea what, as you've already said it isn't the valuation, therefore wouldn't be the loan-to-value either (or product that needs to fit with the LTV)?
I haven't a clue. I hope they will not be asking for a larger deposit or something like that as I couldn't afford it.
The whole process has been quite straight forward thus far. Then only doc they came back to us requesting was the most recent payslip.0 -
Then it looks like you had best wait until Tuesday.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Looks that way.
Am I being negative in assuming it will be something I don't want to hear, either higher interest rates or a larger deposit required ?0 -
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Hope so ! Fingers crossed. I'm dreading them requesting more of a deposit as that will mean I can't go ahead.Contemptuous wrote: »Yes, you're being negative.0
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