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"Reassessed application" - please advise

dboswell
dboswell Posts: 309 Forumite
in Mortgages & endowments
My friends are due to complete on Monday.

Yesterday their mortgage lender Barclays said they have to reassess the application due to an admin error on the CML form (completed by vendor's sols).

One form said ground rent zero, the later one £200.

Obviously, it won't be a nice weekend now, but anyone been in a similar boat and know how long this could take?

Comments

  • jaelato1
    jaelato1 Posts: 139 Forumite
    Fourth Anniversary 100 Posts Name Dropper
    Is the £200 ground rent monthly or yearly?
    If monthly, yes it might make a difference on affordability
    If yearly, I will not worry
  • butterflybook
    butterflybook Posts: 125 Forumite
    It could effect affordability if this has not been taken in to account initially
    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.
  • dboswell
    dboswell Posts: 309 Forumite
    Annually, I believe.
  • jaelato1
    jaelato1 Posts: 139 Forumite
    Fourth Anniversary 100 Posts Name Dropper
    If annually I wouldn't worry to be honest. An extra £22 ish a month won't affect the application unless affordability was already really tight.
  • dboswell
    dboswell Posts: 309 Forumite
    He is more troubled by how long it will take for such an oversight by the vendor's solicitors.
This discussion has been closed.
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