Hi
I applied in branch on 10 Nov for additional borrowing on on current mortgage so that we could move to a bigger house.
Credit checks done, all information provided and told we could get the deal we wanted.
Fast forward to December and we are ready to exchange but no mortgage offer yet sent through - in chasing they want evidence a car loan has been repaid.
Fast forward to January and evidence car loan repaid would have been received when they were back from the holidays. This, we were told was all they needed.
Now they are saying they dont know if can lend to us as we have credit card debt. (of which they have ALWAYS known about but the deal was to pay off once house completes with the left over money).
They said their computer system wont allow it and the underwriter is refusing to overwrite the system even though the branch bank manager told him and showed a spreadsheet that we will be financially BETTER off moving to this bigger house and with additional borrowing as cards paid off.
So now we are in limbo. If they have processed this a bit faster and not told us it was all accepted and ok then we couldnt have proceeded. we now face a £3500 solicitor bill if this falls apart as long as letting other people down.
Does anyone know how much the underwriter can influence things? YBS have had all this info for 2 months and accepted us - such a frustration they tell us now at point of exchange they might not be able to help.
I applied in branch on 10 Nov for additional borrowing on on current mortgage so that we could move to a bigger house.
Credit checks done, all information provided and told we could get the deal we wanted.
Fast forward to December and we are ready to exchange but no mortgage offer yet sent through - in chasing they want evidence a car loan has been repaid.
Fast forward to January and evidence car loan repaid would have been received when they were back from the holidays. This, we were told was all they needed.
Now they are saying they dont know if can lend to us as we have credit card debt. (of which they have ALWAYS known about but the deal was to pay off once house completes with the left over money).
They said their computer system wont allow it and the underwriter is refusing to overwrite the system even though the branch bank manager told him and showed a spreadsheet that we will be financially BETTER off moving to this bigger house and with additional borrowing as cards paid off.
So now we are in limbo. If they have processed this a bit faster and not told us it was all accepted and ok then we couldnt have proceeded. we now face a £3500 solicitor bill if this falls apart as long as letting other people down.
Does anyone know how much the underwriter can influence things? YBS have had all this info for 2 months and accepted us - such a frustration they tell us now at point of exchange they might not be able to help.