Mortgage lender asking for more money

MobileSaver

Crashy_Time said:

 should probably just wait and pick up a cheaper house at a later time?

Sounds great but when is this "later time?" How long should the OP's friend wait for this "cheaper house" to become available? Six months? A year? Fifteen years like you've been waiting?!?!

Crashy_Time

MobileSaver said:

Crashy_Time said:

 should probably just wait and pick up a cheaper house at a later time?

Sounds great but when is this "later time?" How long should the OP's friend wait for this "cheaper house" to become available? Six months? A year? Fifteen years like you've been waiting?!?!

How long do you think they will have to wait for a cheaper house?

eidand

MobileSaver said:

Crashy_Time said:

 should probably just wait and pick up a cheaper house at a later time?

Sounds great but when is this "later time?" How long should the OP's friend wait for this "cheaper house" to become available? Six months? A year? Fifteen years like you've been waiting?!?!

lol, the replies from that guy make me smile still. It's like a 5 year old is posting, but at least he'd have the excuse that he's young and has no idea about anything yet. 

eddddy

Lisa8803 said:

My friend has exchanged contracts for a house purchase and her mortgage lender is now asking for additional funds ‘due to the pandemic’. This is a further £18,000! 

Lisa8803 said:

Yes her mortgage lender has asked for more money towards the deposit after the mortgage has been agreed. 

It would be very big news if a mortgage lender was reducing / withdrawing offers between exchange and completion, simply because of the pandemic. 

I suspect that either somebody has misunderstood something, or there's some very important details which have been missed from the story.

AdrianC

Lisa8803 said:

My friend has exchanged contracts for a house purchase and her mortgage lender is now asking for additional funds ‘due to the pandemic’. This is a further £18,000!

Ah, the joys of Chinese Whispers.

I bet the reality is that she was looking at 90-95% LtV, and they're now saying "We won't lend above 85%".
£18k is 5% of a £360k purchase, 10% of a £180k purchase.

And I bet she hasn't exchanged, since most exchanges are currently being done simultaneously with completion, but simply signed.

My LTV is 65%

There y'go, then, well within the max 85% LtV.

Crashy_Time

eddddy said:

Lisa8803 said:

My friend has exchanged contracts for a house purchase and her mortgage lender is now asking for additional funds ‘due to the pandemic’. This is a further £18,000! 

Lisa8803 said:

Yes her mortgage lender has asked for more money towards the deposit after the mortgage has been agreed. 

It would be very big news if a mortgage lender was reducing / withdrawing offers between exchange and completion, simply because of the pandemic. 

I suspect that either somebody has misunderstood something, or there's some very important details which have been missed from the story.

Happened in the last crash/crisis, and this one is supposedly much worse.

AW618

They can't possibly be "asking for more money".  They might be offering to lend less money.  You need to be a lot more precise about things.

AW618

Crashy_Time said:

eddddy said:

Lisa8803 said:

My friend has exchanged contracts for a house purchase and her mortgage lender is now asking for additional funds ‘due to the pandemic’. This is a further £18,000! 

Lisa8803 said:

Yes her mortgage lender has asked for more money towards the deposit after the mortgage has been agreed. 

It would be very big news if a mortgage lender was reducing / withdrawing offers between exchange and completion, simply because of the pandemic. 

I suspect that either somebody has misunderstood something, or there's some very important details which have been missed from the story.

Happened in the last crash/crisis, and this one is supposedly much worse.

Your profile says you joined the forum 27 July 2014 at 3:54PM.  At that point, nearly six years ago, you chose the name "Crashy Time".  Are you willing to admit that even if a crash were to happen now, you have been woefully wrong in your predictions for at least that length of time?  If you are, then maybe people could take you seriously.

eidand

AW618 said:

Crashy_Time said:

eddddy said:

Lisa8803 said:

My friend has exchanged contracts for a house purchase and her mortgage lender is now asking for additional funds ‘due to the pandemic’. This is a further £18,000! 

Lisa8803 said:

Yes her mortgage lender has asked for more money towards the deposit after the mortgage has been agreed. 

It would be very big news if a mortgage lender was reducing / withdrawing offers between exchange and completion, simply because of the pandemic. 

I suspect that either somebody has misunderstood something, or there's some very important details which have been missed from the story.

Happened in the last crash/crisis, and this one is supposedly much worse.

Your profile says you joined the forum 27 July 2014 at 3:54PM.  At that point, nearly six years ago, you chose the name "Crashy Time".  Are you willing to admit that even if a crash were to happen now, you have been woefully wrong in your predictions for at least that length of time?  If you are, then maybe people could take you seriously.

How can anyone take him seriously, did you not read the kind of stuff he posts?
He has a vested interest in a huge crash, because he did the stupid thing and sold when houses were cheap and never managed to buy again as the market left him behind. His only chance is a crash back to the levels from 1990 but, let's be realistic,  that's never going to happen regardless of how many crashy posts he writes. 

Crashy_Time

Love it when old "Debate" forum posters re-surface with new names, as if people can`t see straight through their posting style straight away. LOL.