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    • bobobski
    • By bobobski 16th May 17, 7:28 AM
    • 705Posts
    • 1,620Thanks
    Bank waited to tell me they have a problem
    • #1
    • 16th May 17, 7:28 AM
    Bank waited to tell me they have a problem 16th May 17 at 7:28 AM
    Hi all

    Quick background: through an independent broker I've applied for a 90% LTV mortgage; I am putting in 5% and a loan from a friend is covering the other 5%. I'm not interested in opinions on whether this is a good idea or not please; we've gone over it every way imaginable and decided to proceed this way.

    I have been upfront about this loan since day 1 with the broker. He told the bank even before applying for the MIP about it and they were fine; he included it on the application for the MIP and they were fine and they issued it that day; he then included it on the full application, which passed the initial stages, and they booked and paid for the valuation - and then they decided they don't like the loan so won't lend to me on this basis.

    This leaves me with two options: get a 95% mortgage - which is presumably what they want me to do so I'll pay them more interest - or lie and call the loan a "gift".

    Any thoughts here?
Page 2
    • bobobski
    • By bobobski 18th May 17, 10:31 PM
    • 705 Posts
    • 1,620 Thanks
    Thanks ACG, my own feelings about the risk levels one way or the other aside, what has really gotten to me is the failure by the bank to pick this up at any point in the last 3 weeks when we were honest with them from day 0 (by which I mean even before we applied for the MIP and we were assured that our proposal was acceptable) - particularly if the criteria are so strict that they should have known from day 0, or day 1 or any day after that. That way I could have proceeded with this bank at 95% no problem.

    New mortgage application going in with literally any other bank for a 95% mortgage tomorrow
    • bobobski
    • By bobobski 18th May 17, 10:39 PM
    • 705 Posts
    • 1,620 Thanks
    I haven't tried to convince anyone of anything - I was seeking advice as to what to do given the situation I was put in (by a lying bank and a professional mortgage adviser, I might add), and I engaged in the debate as to whether or not I should have tried the approach that was recommended to me in the first place as a side-piece. The advice was welcomed and has helped me work out what to do.

    (Text removed by MSE Forum Team)
    Last edited by MSE ForumTeam5; 19-05-2017 at 7:39 AM. Reason: Quoting deleted post
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