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Sound about right??
Matt_L
Posts: 1,459 Forumite
So my partners Broker has sent her full mortgage application to Leeds who have some kind of assessment team who go over everything before passing it onto the underwriters. They have pulled her on her car finance. She currently has a car on one of those Lease hire arrangements which the her Broker said was fine as in ends in April.
However the problem is that it shows up on her credit file as owning £20,000. This is because she does have the option of buying the car at the end of her hire agreement in April. The Leeds people are concerned so my partner sent the paper work which confirms that the hire contract is coming to an end but now my broker is concerned that although the paper work states that the contract is coming to an end it doesn't state that it will definitely end. In other words she has the option of continuing to pay for the car. I guess Leeds could think that she could keep the car as a financial commitment if she gets a mortgage offer...
Her Broker has now told her to write a letter stating that she will be returning the car in April and therefore catch a bus or walk to work. He states that this might be ok but its a case of fingers crossed..
Has anyone heard or have experience of this, will a letter suffice, her only other option would be to hand the car back early....
However the problem is that it shows up on her credit file as owning £20,000. This is because she does have the option of buying the car at the end of her hire agreement in April. The Leeds people are concerned so my partner sent the paper work which confirms that the hire contract is coming to an end but now my broker is concerned that although the paper work states that the contract is coming to an end it doesn't state that it will definitely end. In other words she has the option of continuing to pay for the car. I guess Leeds could think that she could keep the car as a financial commitment if she gets a mortgage offer...
Her Broker has now told her to write a letter stating that she will be returning the car in April and therefore catch a bus or walk to work. He states that this might be ok but its a case of fingers crossed..
Has anyone heard or have experience of this, will a letter suffice, her only other option would be to hand the car back early....
"I want to die peacefully in my sleep like my grandfather, not screaming in terror like his passengers."
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