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7 Days to completion - Big problem
Options
fresca
Posts: 11 Forumite
Bit of a complicated one, but basically my mortgage guy has messed up my mortgage, where I was supposed to get a grand cashback and now he can only get me £500.
The only option for me is to switch to a different northen rock product (together mortgage) which is the same cost, but unlike my previous regular fixed mortgage this would be 75% secured and 25% unsecured.
He assures me this has no problems or connotations for me to do it this way, but I am unconvinced.
Surely this would appear as a person loan and make it tricky for me to get credit?
For reference the overall mortgage is around 100k.
Can anyone shed any light?
The only option for me is to switch to a different northen rock product (together mortgage) which is the same cost, but unlike my previous regular fixed mortgage this would be 75% secured and 25% unsecured.
He assures me this has no problems or connotations for me to do it this way, but I am unconvinced.
Surely this would appear as a person loan and make it tricky for me to get credit?
For reference the overall mortgage is around 100k.
Can anyone shed any light?
0
Comments
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Your title states "7 days to completion", but presumably you haven't yet exchanged without a formal mortgage offer?I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0
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This shouldnt make much difference if the term for both sets of products is the same - likely if the repayment amounts don't change.
The mortgage market is chaotic right now, with product changes, terms and criteria tightening.
If you are no worse off, just be happy that your advisor has got you an equivalent product.I am a Mortgage adviser
You should note that this site doesn't check my status as a Mortgage Adviser, 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 -
Well we have exchanged with the current (£500) cashback currently.
So there are no credit of otherwise problems having my mortgage 25% unsecured?0 -
Not in my experience, the debt is the debt, and is treated as one loan. I havent worked onshore for terribly long though.
have you asked your advisor to pay you the 500 pounds.. if he messed up? he might offer you something...I am a Mortgage adviser
You should note that this site doesn't check my status as a Mortgage Adviser, 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 -
He has offered me £150, so giving me £650 in total with the other offer.
For some reason I just don't liek the sound o fonly some of it being fixed, don't ask me why, seems as though there must be a downside!0 -
Are we talking "help with costs" £500 ( not a straight forward cashback as comes with 42m tie regardless of main product terms) .. can't remember when they last changed it but wasn't it only £700 on normal products anyway ,
Did you not get an illustration before applying !Any posts on here are for information and discussion purposes only and shouldn't be seen as (financial) advice.0 -
NOTE
believe the "help with costs/ cashback" is being withdrawn anyway on new cases as from thursday
( should not effect current reserved deals)Any posts on here are for information and discussion purposes only and shouldn't be seen as (financial) advice.0 -
NR rates are going up on Thursday too so you will need to get the application submitted online tomorrow if you want itI am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, 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
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