Mortgage offer special conditions

Runfatbot

Hi
I have just received my mortgage offer off nationwide and they have applied special conditions that I clear credit cards on or before completion which I have no chance of doing.

I can repay a couple of them but not all of them

Newtown

How much is the credit card blanace?. Can you not get a "gift" from anyone for a month for that amount?

Family
Friends
Selling car
Selling any valuables or getting money by securing those valuables

I know it's a silly silly condition.

I have a car loan (about 2k) on a new car so I am net positive by about 7k as car is valued more then loan.but the mortgage advisor told me that I might have to clear it too before completion. (I am hoping I will have that sort of money arranged if not I will have to sell my car unfortunately)

Runfatbot

Around 3k, just trying to see what they say as mortgage will be same as we pay rent! So can it be reworded to say be the end of the fixed rate.

ACG

Did you put them down on the application that some or all of them would be cleared?

If you did, then it should just be the ones you said would be cleared.
If you did not, it may just be a mistake - I have had this happen before. They corrected it without a problem.

Runfatbot

I advised my broker that the one for £400 would be cleared and the other wouldn't

I'm going to speak to him on Monday

Newtown

Runfatbot wrote: »

Around 3k, just trying to see what they say as mortgage will be same as we pay rent! So can it be reworded to say be the end of the fixed rate.

In same boat with you. My mortgage will be about 65% of my current rent. (not including building insurance etc). So I will be saving money. :beer:

I think it depends where you are in country. I am on the south coast. (housing market and rental market is nuts here) very fast moving.

Runfatbot

Mine will also be £400 less on council tax and £200 on water each year!

Suman170

I have recently received a mortgage offer, it however has the following special condition attached:

"This Offer of Advance is made subject to all debts declared as being repaid by the Applicant(s), being settled in full on or prior to completion" Lender is Leed building society and Lender is aware of our exiting debts which is a hire purchase.. I really don’t know what to do.. the solicitor hasn’t mentioned anything about the condition of the offer. Mortgage advisor saying it just standard wording they don’t require evidence but I don’t want to risk it.. any past experiences from anyone would be great to share. Btw It’s shared ownership scheme.

Thanks

RedFraggle

Suman170 wrote: »

I have recently received a mortgage offer, it however has the following special condition attached:

"This Offer of Advance is made subject to all debts declared as being repaid by the Applicant(s), being settled in full on or prior to completion" Lender is Leed building society and Lender is aware of our exiting debts which is a hire purchase.. I really don’t know what to do.. the solicitor hasn’t mentioned anything about the condition of the offer. Mortgage advisor saying it just standard wording they don’t require evidence but I don’t want to risk it.. any past experiences from anyone would be great to share. Btw It’s shared ownership scheme.

Thanks

Which debts were declared on the application as going to be settled before completion?
It's saying that any debt you said would be cleared must be.

Suman170

I have cleared all debts before they gave me the mortgage offer. I only have the hire purchase which they know about.. I can’t Pay off the hire purchase I won’t have any money left for my deposit..

RedFraggle

Suman170 wrote: »

I have cleared all debts before they gave me the mortgage offer. I only have the hire purchase which they know about.. I can’t Pay off the hire purchase I won’t have any money left for my deposit..

That wasn't quite my question.....have you paid off any debts that you/your broker stated in the mortgage application would be paid off before completion. If you have then you have complied.If you or your broker said the HP would be paid off then you haven't.