FTB Mortgage & Loans

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orles

Registered User
Messages
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Can someone help me and try and put my mind at a little ease. We put a deposit on a house on Friday as it was the last one and we really didn't want to see it go. Anyway we have put an application for a mortgage through REA and I just need to send our paperwork across. Due to bank holiday, there is a delay with sending out statements so I should have them tomorrow. Anyway we have 2 loans that we are in the process of clearing by selling the assets. I am just wondering does anyone know if this will affect our application as the loans are currently outstanding but will be cleared hopefully in a few weeks. I am really nervous now and can't stop thinking that we may get refused the 100% mortgage because of this. Please help
 

How much are the loans? Have the montly payments been generally made on time or have you defaulted? How much is the house? How much do you both make a month? Kind of hard to answer the question when you don`t supply any detail. Use this link to see what impact your loans will have on your borrowing capacity [broken link removed] . If they are going to be cleared in a few weeks you may want to wait and apply for the mortgage then, but the fact your laons are cleared may take 4 weeks to show up on your ICB file.
 
Don't worry about the loans - disclose them on the application but make sure your broker knows that they will be cleared prior to mortgage cheque issue. Lender will probably insist on seeing confirmation that loans have been redeemed in full prior to issuing the mortgage cheque.

Verify all this with REA - that's what you're employing them for.

Liam D Ferguson
www.yourfirstcastle.com
 
Hi Orles

I agree with Liam, call your contact in REA and go through the figures again to set your mind at ease

all loans need to be disclosed and you can advise the lender that you intend clearing same and you will have up to cheque issue time to sell the assets, as Liam says, your loan closing statement for each loan will be required before your mortgage cheque will be issued

regards
Deirdre L
leonard@rea.ie
 
I don't know if I have done right because of what you are saying. When I was talking to my contact in REA I told him about the loans and that they would be cleared within the next few weeks. So when I was filling in the online application I didn't disclose them but will be sending loan statements to show them. Even though I said this to my contact, they never came back to say that it was ok or not. Now I am really worried. Maybe I should give them a ring to clear my mind.

Thanks for all your help with this. I now understand when people say it can be so stressful!!
 
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