Kent reliance

bec3812

EMT87 said:

Don't think I'll be getting any updates this week 💤

Nope, nor me. I’ve not heard today. It’s going to be another long weekend waiting!

Doorlock21

Just to let you know.
they have come back drilling our loan by £20k due to the change in the bank base rate. 

Obviously this is being contested right now and is sitting with someone quite high up because it shouldn’t change as our application was already submitted

just a heads up to you guys that this may happen to you. 

festival_flow

@Doorlock21 what do you mean drilling your loan ?  

did you ask to borrow the max amount they would lend you ? 

Can’t imagine how annoyed you are. 😢 

Doorlock21

No lowered our loan by 20k because of the base rate of Bank of England changing.

festival_flow

@Doorlock21 sorry don’t know if I’m being t thick. So they’ve reduced the maximum amount they’re willing to lend you by 20k? 

I ask because we’ve asked for 50 k less than what they said they would lend. 

Hang on that’s not right. You’re literally locked into the rate from the time off application . 

Doorlock21

festival_flow said:

@Doorlock21 sorry don’t know if I’m being t thick. So they’ve reduced the maximum amount they’re willing to lend you by 20k? 

I ask because we’ve asked for 50 k less than what they said they would lend. 

Hang on that’s not right. You’re literally locked into the rate from the time off application . 

Yes exactly!!!

but now the BOE rate has changed, it affects their stress tests so now they are saying it will change all applications loan amounts!

festival_flow

@Doorlock21 I get it now. We’ll surely someone will change it. The stress testing has to be based on the time of applying. My mortgage broker said it: they assessed our documents yesterday and didn’t say anything. Just asked about the gifted deposit. 

What are you going to do? Can you buy the house now or not? 

bec3812

That’s terrible, are you in a 2 year deal or 5 year, would it make a difference if you moved to 5 year fixed?

Mr1

Update on my application. 
Called MB today to ask for an update and they've called Kent. Kent says my valuation was done last week and they're satisfied with it and will have to wait between 18 - 21 days to get any more updates / look at my file as they're very busy...Searches are supposed to come back in the next 7 days. What do I need to do to make sure I don't lose the deposit? I'm assuming that once searches are done, they'll want my deposit. Can I postpone giving my deposit until I have the mortgage offer? 

Atena

Mr1 said:

Update on my application. 
Called MB today to ask for an update and they've called Kent. Kent says my valuation was done last week and they're satisfied with it and will have to wait between 18 - 21 days to get any more updates / look at my file as they're very busy...Searches are supposed to come back in the next 7 days. What do I need to do to make sure I don't lose the deposit? I'm assuming that once searches are done, they'll want my deposit. Can I postpone giving my deposit until I have the mortgage offer? 

I believe you have to sign contract first before your deposit is at risk and you can't do that without mortgage offer