help help help mortgage offer got to repay loans first

sassybooboos

has anyone been offered a mortgage offer but it states you have to pay off some loans before you take mortgage out.

can we use the money we will have left from our sale on the day it goes through or have we got to pay before they will release the money.

UK007BullDog

You will have to pay them and give proof or you can ask the solicitor to pay the outstanding loans from the money you will be getting from the sale. The solicitor will let the lender know that he will be doing this on your behalf.

You need to send him a signed letter and give him the lender name, account numbers of loan and credit cards and amount to be paid. The solicitor can do this for you. The lender has to agree to this though just like the solicitor.

sassybooboos

do u know anyone who has been refused this.

i have paid a credit card off they wanted cleared today but can't pay the loans without using the money left over from the sale and purchase. i know there will be enough left to clear the two loans as i was going to do this when we had completed anyway

we are wanting to complete on 28th so this is stressing me out.

UK007BullDog

Call the solicitor and ask them if they will do that for you. If yes then call the lender and tell them the solicitor has agreed to it and will they too. As you can only complete with them agreeing to it as you are in a catch 22 situation.

sassybooboos

have you come across this before with any of your clients. what was their outcome.

UK007BullDog

The solicitor sorted it and he lender agreed to do it. I have not yet come across a lender and solicitor not agreeing. They wont get paid until it all goes through.

Ask nicely, sound helpless on the phone. Do not demand. Appeal to their compassion...... you get my drift ;-)

I cannot see them declining it but if they do ask for the seniour underwriter or team leader. They will see that you are in a catch 22 situation and they need to treat customers fairly so should try to accommodate your request.

Cannot see a trust issue as the solicitor is doing this for you. The solicitor might charge a fee for this but its better than not completing at all.