been approved waiting for mortgage offer:::

samanthaxxx

Well its been a week since I last posted and guess what? Yep still waiting for that offer to drop through the door. I have read that Future are stopping giving mortgages from tomorrow and although we have been assured by our broker that its all been done and dusted I am still worried. The other dilema I have is that since we had our offer accepted in March house prices are dropping like stones so really don't know what to do for the best. I don't want to upset anyone but should we pull out or put in a lower offer I don't really want to have to pay more now than the house is worth. We are in rented accom at the moment so any advice would be gratefully appriciated.

nathanhill69

samanthaxxx wrote: »

.... The other dilemma I have is that since we had our offer accepted in March house prices are dropping like stones so really don't know what to do for the best. I don't want to upset anyone but should we pull out or put in a lower offer I don't really want to have to pay more now than the house is worth. We are in rented accom at the moment so any advice would be gratefully appriciated.

The practice of gazundering is on the increase at the moment as it's a buyers market (just Google it for definitions). Personally I think it's fairly unethical if you string your seller along for a while and then at the last minute submit an outrageous low offer as you are effectively holding a pistol to their head. Also, by doing this you could result in a whole chain collapsing bringing loses and heart ache to many other people in the chain. HOWEVER, with the market in it's current state you could legitimately go back and see if you could re-negotatiate the price, my personal view is as long as both parties are "happy" with the re-negotiations then there is no harm. Be warned though you may lose out and it will inevitably lengthn the whole house buying process.

It's basically a question of ethics, I personally work on the basis of "Do unto others etc. etc." (no, I'm not a religious man)- it's probably why I'll never be rich beyond my wildest dreams:o

spcdust

samanthaxxx

Thanks for your advice it wouldn't be an outragously low offer maybe just 5k which would help us loads. When we first put the offer in our broker applied to the Abbey which would have been £750 a month but that was no good so she applied to Future and it jumped to over £800 per month plus their fees are higher so the extra 5k would make a big difference. I am a morale person and don't want to shaft anyone so thats why I am in such a quandry about it.

eco123

:rotfl::rotfl::rotfl:

It's basically a question of ethics, I personally work on the basis of "Do unto thers etc. etc." (no, I'm not a religious man)- it's probably why I'll never be rich beyond my wildest dreams:o

nathanhill69

samanthaxxx wrote: »

Thanks for your advice it wouldn't be an outragously low offer maybe just 5k which would help us loads. When we first put the offer in our broker applied to the Abbey which would have been £750 a month but that was no good so she applied to Future and it jumped to over £800 per month plus their fees are higher so the extra 5k would make a big difference. I am a morale person and don't want to shaft anyone so thats why I am in such a quandry about it.

Totally understand the dilema, it's all about the way you go about it at the end of the day. I don't see anything wrong in re-negotiating on fair terms and hopefully between yourself and your seller you could reach a compromise scenario. If they do concede a price reduction they could justifiably insist on a condition of their own i.e. a guaranteed date for exchange of contracts etc.etc., so ensure you are in a good position to be able to progress with the sale.

Good luck

spcdust

samanthaxxx

Thanks I will phone my broker in the morning :A

brock-cruse

Hi
My buyer last year was getting a future mortgage and they were horrendous to deal with...apparently solicitors know this as my buyers solicitor requested the funds a day BEFORE completion day. On the day of the solicitors "claimed" completion day the funds were not made to her until so late in the afternoon that there is no way that it could have been passed up the chain! Good job that completion was the following day but even so we were all totally stressed out. There was also complaints made that they kept requesting documents, saying that they hadnt received them and just bad customer service. Best of luck to you!

samanthaxxx

Well good news is I have recieved my offer but the bad news is that on the terms and conditions I have to have my name taken off my previous mortgage with my ex husband. which my divorce solicitor has been dealing with for ages. I seperated from him two and a half years ago and I have recieved my financial settlement from him way back in January and asked my broker at the time of applying for this new mortgage would it be a problem and she said no. I have been told this process could take up to 8 weeks as my ex husband has to basically reapply for a mortgage in his sole name and thats if he chooses to start the process asap. We have asked future if setting the ball rolling is enough but they say no they have to have proof that I am no longer on this other mortgage. I am quite annoyed that my broker never gave me proper advice on this all she says now is that she thought my name was off it to which I replied but then why would I ask you about it in the first place. I feel so fed up now and just don't know what to do.

Conrad

Sorry to hear the news Sam, yet another case of a sloppy broker. This is exactly what I keep banging on about, this lack of care and attention - it drives me potty. I bet she spent quite a bit of time arranging your insurance - time that otherwise could have been focused on the MORTGAGE alone to ensure this problem didn't bite you on the bum.

Honestly, if this all comes to nothing make sure you complain and if you get no where take it to the FOS. Get a copy of the factfind and mortgage application before she has chance to 'add some notes'!

samanthaxxx

Thanks for your reply Conrad and yes insurance was arranged pretty quick she even went ahead with new contents ins when I told her we already have it. I wish I had gone with my gut feeling about this but when she said its not a problem I assumed she knew what she was talking about. Whats a factfind by the way?