Advice needed...

maileugene

We are just waiting for our offer documentation of 3 years fixed with halifax at the moment. Everything went through smoothly with our broker and the survey has been done from the bank. I received my documents from my broker and noticed that instead of repayment he mistakenly put us on an interest only mortgage.

I spoke to my broker about this error and he admit that it was his fault. He advice me to accept the interest only offer when it comes through from halifax and that we change it to a re-mortgage after instead of putting in a new applications. There might be a charge which he say he will bare.

What i like to know is that, is that true and if i cannot change to repayment what are my options? Pay more into the mortgage as if it was a repayment? or ride it out for the term of the interest only and remortgage later.

What should i do? Help and advice needed.

Thanks in advance

minimike2

To be honest, I would insist its done before the mortgage completes, as technically the mortgage offer you have is NOT what you want.

Im suprised at your broker, because setting the mortgage up interest only will make his file non-compliant as he is arranging a prodcut that does not reflect your needs. Regardless if its changed at a later date, his paperwork becomes non-compliant. I would certianly not be happy in this situation and if I made this mistake then I would arrange the offer to be amended pre-completion, not post. A new application is not required, he just needs to ask them to amend the case.

maileugene

Hi minimike2,
He told me that if he was to put the application again than that will involve another credit check and might affect my scoring is that true??

Thanks

minimike2

No.

It sounds like he may have done the whole application wrong from the start, so it may need to be re-assesed, but they wouldnt need to do another credit check. All he has to do it call them up, explain that it should be repayment instead of interest only and they can re-asses it. Unless im missing something and Halifax have randomly removed all the handsets from thier telephones!!!

I really dont see what the problem is with him doing that and like I said, hes being non-compliant by suggesting it complete with all the paperwork showing as interest only.

I would be interested to see his justifications in his suitability letter to you!!

UK007BullDog

Probably someone who got his CeMAP and is working for himself and has no experience and no knowhow to speak of.

:mad: :mad: :mad: :mad: SHAME SHAME SHAME!!!!!!!!!!!!!!! :mad: :mad: :mad: :mad:

It will cost you nothing to change it now. Why he is so worried about changing this now makes absolutely no sense and he should do it now ASAP before it completes. You should insist!

As for him I would love to report him to the FSA. Grrrrr...... makes my blood boil.

If I make a mistake or the lender makes a mistake I rectify it right away. However mistakes like that do not happen to me :rotfl:

Tell him to sort it. I just hope you got a good deal.

If you let us know what you got we can comment:

Mortgage amount, property value, your age and incomes and any other debts and the state of your credit record.