Advice please

aurion22

I went through L&C who arranged a mortgage for me with Scottish Widows. I'm supposed to be moving on 7/12 and have only just received the mortgage offer letter but the terms differ from what I thought I was getting: shorter term therefore higher payments. I'm not sure where I stand on this as I have very little time left to try to arrange a new mortgage and don't want to be charged a fee if I turn this one down. Any advice welcome. Thanks.

Spudwud

Have u asked them why the terms have changed? Sounds strange, lenders are pulling products left, right and centre atm but the term shouldn't differ if the lender has remained the same.

aurion22

I've emailed and phoned L&C tonight but, unfortunately their office was closed by the time I read the letter. I've asked them to contact me as early as possible tomorrow but thought I'd ask here first .. I've just been lurking for a while.
As L&C are brokers, I'm assuming they may be able to find me a better deal but I'm getting anxious about the time factor. I first approached them on 8/10/07 and am amazed that it's taken so long to sort out a £40K mortgage when I'm buying a £200K house.
Thanks for replying so quickly .. I'll let you know what happens when I hear from them tomorrow.

Mr_helpful

aurion22 wrote: »

I've emailed and phoned L&C tonight but, unfortunately their office was closed by the time I read the letter. I've asked them to contact me as early as possible tomorrow but thought I'd ask here first .. I've just been lurking for a while.
As L&C are brokers, I'm assuming they may be able to find me a better deal but I'm getting anxious about the time factor. I first approached them on 8/10/07 and am amazed that it's taken so long to sort out a £40K mortgage when I'm buying a £200K house.
Thanks for replying so quickly .. I'll let you know what happens when I hear from them tomorrow.

Ask them why your offer differs from the KFI they gave you. it could be just an admin error but quite often a shortening of term is due to the fact that someone hasnt realised the original term would take you past reirement.

aurion22

Thanks, Mr Helpful
My mortgage advisor at L&C is currently trying to sort this out with Scottish Widows. If I only knew someone else who would lend me £40K I wouldn't feel as if I were ploughing through treacle! It WILL get sorted as I've already queried the term with SW and they agreed in October to keep it at 8 years ... grrr!

aurion22

Thanks for the supportive replies and helpful suggestions. Luckily, I was able to forward to my mortgage advisor the email I'd sent on 16/10 discussing the term and payments with SW. I've had a phone call today saying that SW will re-write the mortgage offer letter restoring the term to 8 years and the payments to £251pcm ... phew!
I do appreciate this space though as things can get out of proportion when the offices are closed and it isn't possible to reach the person you need. Many thanks.