Please help mortgage advice.

Nicole87

After some advice please. So Sorry this is such a long post!!! I’m so stressed, I don’t even know where to start!!! Bit back ground, I am in the process of buying my first property (joint mortgage with my husband) We found a propert in May which was leasehold with 74 years left on the lease. At this point we were advised by my mortgage advisor to buy the freehold, which was £5000 & this was agreed to go through with the sale of the property. Since this time we have had nothing but problems, our mortgage in principal ran out due to the timescale it’s taking to change leasehold title and we reapplied again in September which resulted in our file going to an undertakers for a thorough credit check. After over 2 weeks of waiting we got told everything was ok. Earlier this week we are told house completion will take place today, even though paperwork from freehold still not received, however my solicitor was told that they were adamant it would have arrived by today, in the mean time our solicitor requests funds, which were transfered Thursday morning ready for Friday. Friday afternoon we receive a phone call to say paperwork from freehold solicitor has still not been received, no move and our solicitor will have to return funds to our mortgage provider on Monday. Worst thing has happened, I got home from work today to find a letter from Lloyd’s bank to say I owe £107 from July!! (Never missed a payment in my life) I have always had 2 current accounts with Lloyd’s but only ever use one, the other hasn’t been used in over 13 years and had 13p in it. Somehow in July without realising I called ee to pay my phone bill and paid on the wrong card the account with 13p in (genuine mistake) In September I received a call from Lloyd’s collections, it was a foreign gentleman who said he was from Lloyd’s collections, and requested my bank details. I was reluctant as you hear of so many horror stories about people giving out personal details over the phone, so I hung up and called the main number on the back of my debit card and explained the situation and give the advisor the number that had rang me. The customer service advisor told me it was Fraud and the number didn’t belong to Lloyd’s. After receiving letter today I called Lloyd’s today and was on the phone for over an hour explaining my genuine mistake. I asked why Im still getting cards for an account I don’t use (apparently it’s because it’s still active) I also asked why my payment was authorised as insufficient funds and why when I called in September I was told number for collections was fraudulent. After speaking to a manager he has agreed no late payment will be added to my credit file for sep but there will be one for aug. I have checked my credit file tonight and there’s nothing on as of yet, but I’m so worried that I’m going to end up with a late payment and my mortgage will be declined. We are hoping freehold paperwork comes this week so we can complete next Friday. Will they do another credit check before completion? I assume a full credit check was done only last week again before they released the funds. My solicitor currently has the money in her account ready to be transfered back on Monday. I’m so scared that next time solicitor request the funds I will have a late payment and we will be declined. It’s all one big mess, I’m a nervous wreck, Please help. TIA

Nicole87

I’m laughing to myself... undertakers ��, I meant underwriters...obviously.

Farmerbob

That was quite a read, I’ll summarise and stick in a few paragraphs

Buying property and the freehold was due to complete Friday however the purchase of the freehold had not gone through as yet so the funds are being returned to the lender Monday.

In the mean time in error you used a unused bank account with Lloyd’s to pay a phone bill back in July, they authorised the payment and now it’s come to light that the account has been in an unauthorised overdraft since then and they have sent a letter asking for payment. You spoke to Lloyd’s and sorted it however they have advised there will be a late payment for August but no further markers on the account.

Your now concerned that the mortgage won’t go through when the solicitors ask for the funds again once the freehold issue has been sorted.

Who’s the lender? Some lenders may not credit check at the time they send the funds so you might be ok as your files been scrutinised enough, another search may take place if the issue with the freehold takes too long. Then some lenders may or may not be bothered with a blip. Sorry it’s not a clear yes or no but there will be others with more wisdom here.

kingstreet

Nicole87 wrote: »

I got home from work today to find a letter from Lloyd’s bank to say I owe £107 from July. After receiving letter today I called Lloyd’s today. After speaking to a manager he has agreed no late payment will be added to my credit file for sep but there will be one for aug.

Will they do another credit check before completion?

A more readable and succinct summary for later readers.

In answer to your question, no-one knows. It varies from lender to lender. Hopefully the lender isn't Lloyds/Halifax.

Nicole87

It’s Halifax, oh god, I feel so sick with worry��. What makes it worse is the money is with the solicitor now! But will be returned Monday for hopefully next Friday completion depending if paperwork has finally been received which apprently is in the post. The late payment has not been added as of yet. My husbands wage is 6 times more then mine, so hoping mine won’t matter as much. Thank you so much everyone, not slept a wink.

Nicole87

Also must add a credit check was done Thursday just gone before it was transferred to solicitor, will another be done? Thanks again