Mortgage Disaster

ViolaLass

trenewth wrote: »

We hope to do that. But our solicitors say that probably isn't possible...

Why not? Just have a lower gifted deposit and no debts.

trenewth

davidmcn- that is totally my way of thinking and our understanding of the process. Both the brokers and Pepper Money are saying before completion. We cannot exchange before we do this. Logic has gone out the window here.

trenewth

ViolaLass- our gifted deposit is already with our solicitors. They say it may not be possible to do this. We are trying- but apparently we should have known this?! Totally frustrating!

woofdonkey

Wow, I feel for you. It sounds like they've messed up their own offer wording.

Can you reapply with another lender? We are hoping to complete with Kensington next week and will pay off £40k debt 'within 30 days of completion'.

davidmcn

trenewth wrote: »

our gifted deposit is already with our solicitors. They say it may not be possible to do this.

Have they explained why not? It's still your money at this stage.

ViolaLass

trenewth wrote: »

ViolaLass- our gifted deposit is already with our solicitors. They say it may not be possible to do this. We are trying- but apparently we should have known this?! Totally frustrating!

'May not' isn't good enough at this stage, tell them to pull their finger out and give an opinion either way.

kingstreet

When I use the expression "on or before completion" I normally intend for it to mean "any time you like, as long as you do it at completion or before."

If the lender required repayment BEFORE completion using funds not associated with the sale & purchase, I would alert a client to that to see if they were in a position to proceed. I would also expect the lender to ask for evidence of the funds to show how this will be finalised.

It is highly unlikely a broker doesn't know if the lender is going to set such a requirement, IMHO.