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Mortgage offer.
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Shaqu_Ravindran
Posts: 4 Newbie
This offer is issued on the understanding that the following commitments will be repaid
on or before completion of this loan:-
Credit Card with bos with an approximate balance of £2000
While these debts may be repaid from the proceeds of this loan, they may not be
transferred to any other lender. Your ability to afford this loan has been assessed on
this basis.
Now does this mean the repayment can continue from the day this mortgage starts?
on or before completion of this loan:-
Credit Card with bos with an approximate balance of £2000
While these debts may be repaid from the proceeds of this loan, they may not be
transferred to any other lender. Your ability to afford this loan has been assessed on
this basis.
Now does this mean the repayment can continue from the day this mortgage starts?
0
Comments
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Im not sure I understand the question.
There would be no repayments to make as it will/should be cleared by then?I 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 -
While these debts may be repaid from the proceeds of this loan, they may not be
transferred to any other lender.
What is the actual meaning of the statement:- '' while these debts may be repaid from the proceeds of this loan?0 -
If you are purchasing, it means you can use the money from this mortgage to either pay off the debt and use the remainder plus any savings to fund the purchase.
If a remortgage, it means you can use the money to pay off the existing mortgage and the credit card with anything left over.I 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 -
I believe it means that you can use part of the mortgage to repay the CC or you can repay the CC with other funds you have, but you can't do CC balance transfer as the mortgage Lender has assessed the CC debt based on the terms with your current CC provider and are happy with these terms. The implication is they might not be happy with the terms of another Lender you may choose to transfer the balance to.0
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Thanks, but does this also mean that I can keep the CC paying monthly from the day the mortgage loan starts0
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No, your offer has been offered on the basis that the credit card is paid off in full and you have no other credit card balance either.
You must have put on the application that your credit card will be cleared by completion.I 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 -
Shaqu_Ravindran wrote: »Thanks, but does this also mean that I can keep the CC paying monthly from the day the mortgage loan starts
Paying off in full? yes.
They just want the credit card paid in full before commencement of the mortgage and don't want it "paid" in the form of a balance transfer to another card as that's just shifting the debt.0 -
Thanks, however i did mention to the broker that if i clear the 2000 CC will this increase my loan amount and he gave me the AIP for increased amount taking 2000CC clearance into account, however the required loan is much lower as I am in purchase of property much lower in value, however the Mortgage offer did not have this 2000 GBP removed.
When I spoke to my mortgage broker her mentioned, the 2000 CC was un- ticked in the mortgage application as this would then desire running another credit check!
Do i wait for my solicitor now to see what does she say regarding this?0 -
Speak to the broker.
Some lenders automatically include a sentence about debt being cleared even if it has been left as remaining.
You need your broker to rectify it.I 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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