mortgage cheque

P

pint6

Registered User
Messages
72
Hello All,
Here is a quick story of mine, I had applied for 100% thru a broker after seeing the property of my likes. My broker applied with couple of lenders and came back to me saying that one institution is showing interest. I had disclosed during the process of application that I have a loan of 10k(personal loan). My lender was ok with that and asked me to proceed further paying the deposit to the house and stuff like that. In the mean time they also advised me to get the insurance(life and home), and other documents ready. I got everything ready per their advise. Finally I received a letter from my lender with a condition of clearing the personal loan prior the cheque issue. I was worried, then spoke to my broker. He advised that once the lender does not do the credit checks initially they are not gonna do that once again, so he asked me to borrow from someother back and pay this loan off. I did as suggested, and finally my lending institution sent the cheque to my solicitor.
24th of this month is the closing date, I am bit worried if my lending institution take the cheque back(for any reason)? Will they do that?
Please advise.

Regards,

Pint6
 
Not unless they check this thread and identify you.......

But seriously for a moment....the condition was that the loan must be repaid and it has been. You *have* gone against the spirit but not the letter of the offer by borrowing elsewhere and you do run the risk of defaulting on one or both loan/mortage if you can't keep your repayments up.

Sarah

www.rea.ie
 
Thanks Sarah,

You mean to say that I did wrong? Please advise.

Regards,

Pint
 
Molly,

Pint6 is clearly worried.

Pint6, hopefully it won't come to another credit check so they will not know about your other loan. I have been advised by several people that they will not do another credit check.

Try not to worry, and enjoy your new home. Ya lucky sod...mine isn't ready yet.
Regards
Esme
 
It's very, very, very, very unlikely that any lender would run another credit check once the cheque has issued. My point was that your total indebtedness must have fallen outside of the lenders criteria for them to require you to repay the initial loan therefore *you* need to be certain that you can sustain both repayments.

Good luck in your new house by the way!

Sarah

www.rea.ie
 
Sarah

My lender (PTSB) came up with two Bank of Ireland loans that I have to have paid off before my draw down. My letter of offer had stated that I clear the "two Bank of Ireland loans", I have no Bank of Ireland loans. I did have one for €10,000 which I paid off in January, and they have (or should have) the letter showing this loan as being cleared but they have it down (the loan agreement number)on my letter of offer, thats fine obviously as I have the letter so will forward it on again. My other loan is for €1,000 and its with GE Money, which is almost paid off now and I will have it paid by the time the draw down.

Just curious as to where they got these loans from as my credit check clearly states they are paid off (apart from GE Money one).
 
I guess they are the ones you declared on the application and they would have shown up on the ICB (it's not always bang up to date as it relies on the information provided by the lenders).

Sarah

www.rea.ie
 
Thanks Sarah,

I got my own ICB credit check done and neither loans were on it, so it must have been that. I did state I had the big loan when speaking to mortgage broker.

Cheers

Esme
 
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