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  • FIRST POST
    • BrandNewDay
    • By BrandNewDay 14th Sep 07, 1:12 PM
    • 1,673Posts
    • 2,340Thanks
    BrandNewDay
    our lender has dropped the ball at the last minute...
    • #1
    • 14th Sep 07, 1:12 PM
    our lender has dropped the ball at the last minute... 14th Sep 07 at 1:12 PM
    Well, we were supposed to get the keys to our house, today, but the solicitor just called with some very bad news... the lender said that they were re-offering the loan, that they'd never recieved any paperwork from our solicitors or our FI's packagers... (which, we know, is a lie, as they'd asked for something earlier in the week, we scrambled to get it, and then they said, "Oh, sorry - we had that all along")

    At any rate, we're now in breach of contract and who knows what will happen.

    I'm waiting to hear from the FI, now. I called and the receptionist said she was on the phone with the lender.

    (BTW, we are in Scotland, so anything legal would likely be different than for you English/Welsh readers.)

    I am so bummed.

    The solicitor said that he thinks we'll still get the house. Whether or not we'll get it in time to move on Weds as planned... who knows?
Page 1
    • sleepymans
    • By sleepymans 14th Sep 07, 1:19 PM
    • 807 Posts
    • 1,225 Thanks
    sleepymans
    • #2
    • 14th Sep 07, 1:19 PM
    • #2
    • 14th Sep 07, 1:19 PM
    Sorry I dont think I can help.
    Did you not sign and return acceptance of offer? Perhaps this is what they say they havent had?


    I do sympathise. This is really the most stressful and cruel process. I wish you the best of luck & that you can move as planned.

    Why do these sh!tty things happen on Friday when you've two days worry ahead whilst everyone else in the world seems to be having a lovely weekend???

    Best Wishes
    • BrandNewDay
    • By BrandNewDay 14th Sep 07, 1:24 PM
    • 1,673 Posts
    • 2,340 Thanks
    BrandNewDay
    • #3
    • 14th Sep 07, 1:24 PM
    • #3
    • 14th Sep 07, 1:24 PM
    Sorry I dont think I can help.
    Did you not sign and return acceptance of offer? Perhaps this is what they say they havent had?


    I do sympathise. This is really the most stressful and cruel process. I wish you the best of luck & that you can move as planned.

    Why do these sh!tty things happen on Friday when you've two days worry ahead whilst everyone else in the world seems to be having a lovely weekend???

    Best Wishes
    Originally posted by sleepymans
    Oh, yes! It was signed and sent! The solicitor AND the packager both have confirmation of that.
    • BrandNewDay
    • By BrandNewDay 15th Sep 07, 6:56 AM
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    BrandNewDay
    • #4
    • 15th Sep 07, 6:56 AM
    • #4
    • 15th Sep 07, 6:56 AM
    Well, it turned out to have been a typo (!) in the contract. They had the wrong APR on it and so wanted to re-do the whole thing. They discovered this at the very last minute. Supposedly, they are sending us the new contract to sign. The mortgage advisor said that they said they mailed it yesterday.

    Hope it gets here, soon. It looks like we'll be delayed by one to two weeks while this gets sorted.

    I thought we'd be moving into our new house, today.

    At least there are no chains on either side, and the sellers aren't upset. We had dinner with them last night and we all got very drunk and had a nice time.
  • WTF?
    • #5
    • 15th Sep 07, 9:42 AM
    • #5
    • 15th Sep 07, 9:42 AM
    Well, it turned out to have been a typo (!) in the contract. They had the wrong APR on it and so wanted to re-do the whole thing. They discovered this at the very last minute. Supposedly, they are sending us the new contract to sign. The mortgage advisor said that they said they mailed it yesterday.

    Hope it gets here, soon. It looks like we'll be delayed by one to two weeks while this gets sorted.

    I thought we'd be moving into our new house, today.

    At least there are no chains on either side, and the sellers aren't upset. We had dinner with them last night and we all got very drunk and had a nice time.
    Originally posted by BrandNewDay
    Look very carefully at the new APR and make sure that you work out exactly how it will affect your repayment amounts!

    Also, check other paperwork associated with the mortgage. If the original amount appears on it too, I'd be very suspicious.

    A genuine typo might have one of the digits off, or a couple of digits swapped. Or just be completely wrong - like a couple of percent below or above what you would expect.

    If it is a genuine typo then fair enough but if not I'd be extremely wary of any lender trying to stiff borrowers by upping the APR by 0.1-0.5% on already agreed loans before they are fully signed off. All their messing around and claiming they hadn't received paperwork etc. would make me very suspicious of their actions and motives.

    Finally, make sure the other conditions are the same and they haven't materially changed the rules.
    • BrandNewDay
    • By BrandNewDay 15th Sep 07, 11:22 AM
    • 1,673 Posts
    • 2,340 Thanks
    BrandNewDay
    • #6
    • 15th Sep 07, 11:22 AM
    • #6
    • 15th Sep 07, 11:22 AM
    OK... I've looked it over. I'll admit that I don't understand the APR vs Interest Rate thing. However... the fixed rate of interest is still at 7.44%, and the variable rate (two years hence) is still 2.75 above LIBOR (base, I guess that means). The monthly payments are still the same. (I recognize that those rates may look horrendous to many, but it's a very cheap house and we're only borrowing 2X my husband's annual salary - we can well afford it.)

    So... the APR used be 9.1% in the original contract, It's now 9.9% - I'm thinking they must have made some mathematical error when they did the first contract, because they have very clearly stated "26 payments of £397 then subsequent payments of blah, blah, blah, currently £466"

    At any rate, even if they've been up to something dodgy - there's not much we can do, is there? This is the only lender we can get. DB dropped us at the last minute (after we had the offer in principle) and these were our only remaining option. (We were narrowed down by two criteria: subprime status and nontraditional construction. Preferred are the only remaining lenders that would take on both criteria.)

    I admit that I'm a bit nervous about all of this - I'm pretty sure we're buying at the peak of the market. But, we are tired of paying very high rent. We want to put down roots in a community. We like this community we're buying in and we intend to stay in the house for quite a long time. And, like I said, we can well afford this - even if rates go up significantly. But, yeah - I'm nervous!
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