Welcome to the reallymoving forum
Got questions and need some advice? Our forums have answers on everything from choosing the right property, to renting and selling.
  • If this is your first visit, be sure to check out the FAQ by clicking the link above. You may have to register before you can post: click the register link above to proceed. To start viewing messages, select the forum that you want to visit from the selection below.

Announcement

Collapse
No announcement yet.

Mortgage Offer

Collapse
X
  • Filter
  • Time
  • Show
Clear All
new posts

  • Mortgage Offer

    This offer is issued on the understanding that the following commitments will be repaid
    on or before completion of this loan:-
    Credit Card with bos with an approximate balance of £3,000.
    While these debts may be repaid from the proceeds of this loan, they may not be
    transferred to any other lender. Your ability to afford this loan has been assessed on
    this basis.


    what is the meaning of ''While these debts may be repaid from the proceeds of this loan, they may not be
    transferred to any other lender. Your ability to afford this loan has been assessed on
    this basis''??

  • #2
    When a mortgage application is submitted, all credit commitments have to be listed (e.g. credit card balances) and whether or not they will be repaid by the time the mortgage starts.

    If the application was for a remortgage with capital raising, then it would also have to be indicated whether the funds raised were to repay the credit commitments or for something else.

    The wording quoted above is very common and basically means that during the application it was marked that the £3k would be repaid from the mortgage applied for. "They may not be transferred to any other lender" means that you shouldn't then just go and take out £3k from another credit card or loan provider.

    "Your ability to afford this loan has been assessed on this basis" means that in order to borrow the mortgage amount, your affordability was assessed on the basis that you will not have £3k credit card balance going forward.

    In a nutshell, the lender is saying that the £3k should be repaid as per the information given during the application process and even if you spend on your credit card again, it shouldn't be an on-going commitment.
    We are whole of market independent mortgage brokers. We advise on mortgages UK wide including London, South East and as far afield as Scotland and Wales.
    I am a Mortgage Advisor
    For further information and for tailored advice:
    [email protected]

    Comment


    • #3
      You require a 6-month loan and I know what you're considering!

      There to high intrigue and don't give me enough time to reimburse them. We feel precisely the same and we're here to help by getting you a reasonable 6-month loan that really causes you. You need a 6-month loan that gives you what you require from a credit. You need an advance that has low loan costs hat's more, awesome terms. The exact opposite thing you need is more cash issues as a result of a terrible advance.

      Here, we offer instant approval means actually same day approval for your 6 month loan in the UK & that is too without any credit check. We provide 6-month loans for people with bad credit & no guarantor.
      Last edited by AndiRM; 21-06-2018, 09:28 AM.

      Comment

      Working...
      X