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Unfair broker? and change of address question
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theslaw42
Posts: 3 Newbie
Sorry for the rubbish thread title not sure how to word this. I have a couple of questions, after a bit of background information.
I applied for a mortgage with the help of a broker, I was successful in getting a formal offer. During the application stage I informed my broker that my house I was selling completed and I was moving into a friends until my house was built (new build). I said please tell the lender (Halifax in my case) of the change of address. He said no I advise aginst that as it could push back the application. I replied in email saying no problem, I take your advise.
I got the formal offer in writing (I have mail redirection), in the conditions it says you must tell us of any changes such as employment, finances or change of address.
I told my broker of this as I was worried that they could pull the offer if they discovered I no longer live at the house when I applied as it is now sold. I instructed them to change the address, I got a reply asking if I could pay the broker fee. I replied and said I would when I was happy you changed the address and I get a offer based on that address. They replied saying no I have a offer etc.
My worry is (and I am also looking for any peace of mind if possible!!) that Halifax may for god knows what ever reason pull the offer as I am living with a friend until my new build completeds and I'm a couple of thousand out of pocket because I took a brokers advice in the first place.
I was told today my formal offer is now back with the underwriters because of the change of address, I am happy to pay the broker fee if everything is OK of course.
I guess my questions are number one is there any reason why my mortgage formal offer would get revoked because of a address change - seems silly to me, cant live in a house I sold to raise equity for a new one.
Number two - if my offer is declined, and I took the brokers advice will I have to pay - seems very unfair and very very expensive :-(
Probably worrying too much, or at least I hope I am, just would rarther be honest.
Thanks for any advice.
I applied for a mortgage with the help of a broker, I was successful in getting a formal offer. During the application stage I informed my broker that my house I was selling completed and I was moving into a friends until my house was built (new build). I said please tell the lender (Halifax in my case) of the change of address. He said no I advise aginst that as it could push back the application. I replied in email saying no problem, I take your advise.
I got the formal offer in writing (I have mail redirection), in the conditions it says you must tell us of any changes such as employment, finances or change of address.
I told my broker of this as I was worried that they could pull the offer if they discovered I no longer live at the house when I applied as it is now sold. I instructed them to change the address, I got a reply asking if I could pay the broker fee. I replied and said I would when I was happy you changed the address and I get a offer based on that address. They replied saying no I have a offer etc.
My worry is (and I am also looking for any peace of mind if possible!!) that Halifax may for god knows what ever reason pull the offer as I am living with a friend until my new build completeds and I'm a couple of thousand out of pocket because I took a brokers advice in the first place.
I was told today my formal offer is now back with the underwriters because of the change of address, I am happy to pay the broker fee if everything is OK of course.
I guess my questions are number one is there any reason why my mortgage formal offer would get revoked because of a address change - seems silly to me, cant live in a house I sold to raise equity for a new one.
Number two - if my offer is declined, and I took the brokers advice will I have to pay - seems very unfair and very very expensive :-(
Probably worrying too much, or at least I hope I am, just would rarther be honest.
Thanks for any advice.
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Comments
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An owner-ocupier may be perceived to be a better lending risk than a lodger, so yes, it's possible the offer will be affected.
If your mortgage offer is now declined, it seems it will be because you failed to take the brokers advice, and informed the lender of your new address.
If on the other hand the your mortgage offer is confirmed, the broker will have doe his job in getting you a mortgage.
so either way he's earned his fee........0 -
In a similar boat but the other way round....moved at the beginning of the month to save money and am in the process of getting my formal mortgage offer now (it's just the way it worked out-didn't think I'd find a house I wanted to buy so quickly!) Mortgage broker said change of address would be fine but am now scared I won't get a mortgage because of the change of address situation!!0
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Ahh that's a good point however I hope in my case common sense will workout as they should see I sold to raise cash to purchase a property that's not built yet - However I know it's not always the way !
Just to clairify I did not go against my brokers advice when applying for the mortgage - when I received the offer I had to tell them about my change of address it's part of the conditions of the mortgage or surely it would not be valid - I doubt if I lost my deposit during exchange because I did not inform the lender of this the broker would refund me for sticking to their advice and hide it from them?0
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