"Reassessed application" - please advise
dboswell
Posts: 309 Forumite
My friends are due to complete on Monday.
Yesterday their mortgage lender Barclays said they have to reassess the application due to an admin error on the CML form (completed by vendor's sols).
One form said ground rent zero, the later one £200.
Obviously, it won't be a nice weekend now, but anyone been in a similar boat and know how long this could take?
Yesterday their mortgage lender Barclays said they have to reassess the application due to an admin error on the CML form (completed by vendor's sols).
One form said ground rent zero, the later one £200.
Obviously, it won't be a nice weekend now, but anyone been in a similar boat and know how long this could take?
0
Comments
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Is the £200 ground rent monthly or yearly?
If monthly, yes it might make a difference on affordability
If yearly, I will not worry0 -
It could effect affordability if this has not been taken in to account initiallyI am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Annually, I believe.0
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If annually I wouldn't worry to be honest. An extra £22 ish a month won't affect the application unless affordability was already really tight.0
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He is more troubled by how long it will take for such an oversight by the vendor's solicitors.0
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