I am new please help, I can’t even sleep

sas1_3

I can’t even sleep… My problem is that Abbey approved my 100% mortgage in January and since I have renegotiated the sale price a bit less (£2500) so my solicitor went back to Abbey for approval but since they pulled back their 100% product. I am looking to complete on 25.04.08 and gave notice to my landlord so I will have to move out. I am in this nightmare situation that I don’t know if I am going to get the mortgage and if not where am I going to move?...
Does someone has same problem? Will Abbey approve as I already had my mortgage principal agreement? Please Help!

Thanks

poppy10_2

http://forums.moneysavingexpert.com/showthread.html?t=863791

rustybucket

Poppy, I doubt that helps too much, sas1, hopefully one of the advisors will be on soon and can help, try not to panic just yet.

cooper2110

It depends on one major point that I can't quite work out from your post.

When you say your mortgage was approved - did you receive a mortgage offer that was specific to the property you are buying? I.e. the survey had been done?

OR....had you just received an agreement in principle? This basically says that Abbey will lend you the money but you make the full application later.

If the former, you should be OK. If the latter, I'm afraid you won't.

herbiesjp

If you have had the formal mortgage offer letter, and have reduced the purchase price, you should be ok normally.

As if the higher amount was affordable and ok, then the lower amount would be better for you.

Have you gone via a broker or did you go direct? If via a broker, they should be able to find out straight away for you how things are going, if you have gone direct, pop into the branch or call the mortgage centre and they should be able to give you some kind of turnaround time for the new offer letter

sas1_3

Thank you for all the comments!
I had my mortgage offer specific to the property and Abbey done the valuation.
I got my mortgage using a broker (he is really good). Currently my case is with Abbey’s underwriters so i guess I will just sit tight and see what is going to happen and try to get some sleep.

cooper2110

Sas, on your offer letter, in the terms and conditions at the back it will tell you how long the offer is valid for. Normally 6 months (I think, although haven't used Abbey in a while). If you are within this time, you'll be OK.