It never rains but it pours

[timwilky]

Will things stop going wrong in my life.

As I have previously posted. I am so proud of my lad buying his first house.

He got a 95% mortgage, paid his deposit, taken out insurance for the house, paid the solicitor, exchanged contracts and awaiting completion set for next Wednesday. And wallop.


The mortgage offer has been withdrawn. Why?. He applied for it as David Wilkinson, passed all credit checks etc. They however wanted an ID check and he gave his passport. David William Wilkinson. They are now claiming he is using two names and that has affected his credit rating and they now require a 10% deposit.

They have left him with 5 days to try to raise an extra £6000. if he fails to do that he could end up being sued for the breach of contract. liable for the mortgage payments on the house he don't own, loss of the deposit he has already paid etc.

Somebody has cocked up big time. Either the mortgage advisor who made his application for a mortgage?, his solicitor who has conveniently decided to take a long weekend away and will not be back until Tuesday?.

Has anyone got a spare couple of grand laying about they don't need?

That's ridiculous! He must be able to talk to someone higher up at the mortgage broker...

I'm literally sitting here with my jaw hanging open...

That's outrageous, I can never remember wether or not I put my middle name on things so sometimes I do sometimes I don't. I have gone through 2 mortgages with sometimes putting it down and sometimes not. Just out of interest who is the mortgage with?

That's bl**dy rotten. I hope it gets sorted!

This is really rediculous and petty - leaving out the middle name shouldnt cause this much bother? I barley give my middle name for anything

I hope it gets sorted out for you and your lad, buying a house is bad enough as it is

Matt

BTW a though just occured - the demand for money or face dire consequences sounds a bit like a loan shark tactic...even "reputable" companies play nasty I guess

Matt

[Viney]

Pedantic cnuts. Hope it gets sorted. Id have a pop at the advisor, as this is clearly his fault.

[the_lone_wolf]

get in touch with the financial ombudsman service:

http://www.financial-ombudsman.org.uk/default.htm

i would imagine with them on the case, and the risk of getting egg on their faces for something so petty, things will move more smoothly...

Methinks you need to speak to somebody at GMAC and ask them what difference it all makes and why they have withdrawn the offer. I would also get out the offer and read the small print to see whether they reserved an entitlement to withdraw (almost certainly) and if so what can entitle them to withdraw. Is there a chain involved? If the seller isn't buying then you might be able to persuade them not to charge interest but to extend the completion date.

Acting for a buyer I wouldn't even think of checking that the mortgage has been applied for in the correct name, it's not part of a conveyancing solicitor's job. I don't even advise on the terms of the offer, at the client meeting I might draw attention to any hefty early repayment charges, but its the mortgage advisor's job to advise on a suitable product and the terms of it, not the solicitor's. I'm not authorised to give financial or mortgage advice, so I don't.

Tim..Get on the telephone to HQ of ther mortgage provider. Do not deal with a minion. There will be someone higher up who can bring some common sense to the situation.

Good luck.