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Help!! Does a Declarations of Trust now effect re-mortgage completion?
Lesley77
Posts: 1 Newbie
I hope there is someone out there that might be able to help with advise or answer my question.
My partner & I are just going through a re-mortgage with Woolwich...we have quiet a percentage of equity on the property & only wanted to borrow a small amount on top of signing up to a new 3 year fixed rate. This has all been happening over the last 2 months.
We also have a Declaration or Trust between ourselves & my partners parents as they invested / gave us the desposit 3 years ago which the new lender has been aware of the whole time.
The Woolwich gave us the impression that we were the 'perfect' kind of customer (esp in todays climate) & even asked all parties to give our permission for the mortgage to be changed over, which was given.
We are now 2 days away from the completion date & money being transfered & we had a phone call yesterday from the Woolwich saying that 'its now their company policy to not complete on mortgages with declarations of trust in place'!!!
So for 2 months they have lead us down the path / gave us hope that we could resolve our finances only to pull out 2 days before completion with NO valied reason other than this.
Our only 2 options given to us by the bank is to:
1: Destroy our declaration which we were advised to put in place 3 years ago to protect our parents investment. (which totally defeats the object of having one the the 1st place).
2: Find another lender!
Am i the only person this is happening to?
Is this something new the banks have made up because of the credit crunch?
Would love to hear from anyone who might be in similar position or if anyone knows whats going on!!
Im pulling out my hair & dont know where to go next.
My partner & I are just going through a re-mortgage with Woolwich...we have quiet a percentage of equity on the property & only wanted to borrow a small amount on top of signing up to a new 3 year fixed rate. This has all been happening over the last 2 months.
We also have a Declaration or Trust between ourselves & my partners parents as they invested / gave us the desposit 3 years ago which the new lender has been aware of the whole time.
The Woolwich gave us the impression that we were the 'perfect' kind of customer (esp in todays climate) & even asked all parties to give our permission for the mortgage to be changed over, which was given.
We are now 2 days away from the completion date & money being transfered & we had a phone call yesterday from the Woolwich saying that 'its now their company policy to not complete on mortgages with declarations of trust in place'!!!
So for 2 months they have lead us down the path / gave us hope that we could resolve our finances only to pull out 2 days before completion with NO valied reason other than this.
Our only 2 options given to us by the bank is to:
1: Destroy our declaration which we were advised to put in place 3 years ago to protect our parents investment. (which totally defeats the object of having one the the 1st place).
2: Find another lender!
Am i the only person this is happening to?
Is this something new the banks have made up because of the credit crunch?
Would love to hear from anyone who might be in similar position or if anyone knows whats going on!!
Im pulling out my hair & dont know where to go next.
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