Re-mortgage application forms query?

[di30]

Did try posting earlier about this but puter started playing up lol.

Anyway, what I would like to know because I am curious about this.

Is back in May 2007 we went through a Re-mortgage application directly in branch (Lloyds) via C&G.

Due to affordability this one did not go ahead.

So a few months down the line another application was made on a lower amount, this was then finalised end of August 2007.

Going through my SAR and also asking for a copy of the application separately, they only have that one of the May 2007 application and not the one that we did actually take on.

The amounts borrowed are lower to that of the earlier application, but they do not tend to have the one on the one taken out, yet cannot recall on another application being done, but it went ahead a few months down the line with the same details on the first application!

Goodness knows But as it was a different amount and different rate etc, should there have been another separate application?

Thank you. I am just curious about this.

[mgfboy]

Re: Re-mortgage application forms query?

Hi Di

Normally there should be a new offer letter generated, but I've had clients that change loan amounts during the process and there hasn't been a new app ( assuming there has been no material change in the clients details).

So a new app isn't necessary, when you sign the new offer there is normally a clause about saying if there had been material changes since the app was completed they need to be disclosed.

I hope this helps

[di30]

Re: Re-mortgage application forms query?

Hi Di

Normally there should be a new offer letter generated, but I've had clients that change loan amounts during the process and there hasn't been a new app ( assuming there has been no material change in the clients details).

So a new app isn't necessary, when you sign the new offer there is normally a clause about saying if there had been material changes since the app was completed they need to be disclosed.

I hope this helps

Hiya

Thank you. Yes that makes lots of sense.

We did have to go back to sign another consent form a few months down the line but no further application, they did have the wrong property valuation, income etc, and obviously the amount borrowed was not the same, and the debt that was going to be included in the remortgage was not fully included in the one we did finally take out.

But yes I see what your saying here, thank you.

[mgfboy]

Re: Re-mortgage application forms query?

so you signed a incorrect offer letter or was all the info wrong on the original app????

[di30]

Re: Re-mortgage application forms query?

so you signed a incorrect offer letter or was all the info wrong on the original app????

We were only provided with the consent form to sign after the adviser completed the application, the main of the details were pre-done in ink and he completed the blanks, it was the first one that we did not take on with the errors.

[di30]

Re: Re-mortgage application forms query?

We were only provided with the consent form to sign after the adviser completed the application, the main of the details were pre-done in ink and he completed the blanks, it was the first one that we did not take on with the errors.

We did not even receive details of the application until we requested for this by SAR.

When asked time over again, it was just that of the one completed with the errors on which we did raise this up with them some time ago, it was to be corrected to what we was told for their records (at the time).

[mgfboy]

Re: Re-mortgage application forms query?

thats seem wrong on many diiferent levels, I would be hung up to dry if I didn't have the app completed correctly and given to the client!!!

it must be so much easier working for a bank than being a independant broker!!!!!!

So there was no file notes correcting the app????

[di30]

Re: Re-mortgage application forms query?

thats seem wrong on many diiferent levels, I would be hung up to dry if I didn't have the app completed correctly and given to the client!!!

it must be so much easier working for a bank than being a independant broker!!!!!!

So there was no file notes correcting the app????

This is what I am searching for now lol, I have wads of paperwork in regards of the mortgage but not a lot to do with the application, and am looking to see if there is anything amongst it in case I missed anything to see if they corrected the app, but up to now no there isnt.

I have wrote to them again today to ask if there is further information they hold that they have not yet provided within the SAR in regards of the application of the earlier mortgage app to the one taken officially taken out, I am hoping they will write back within 14 days, as it is data related to the SAR.

I did find a letter from the business dated Oct 2007 they apologised for them not sending us the details of the mortgage earlier, which was the starting date etc, as the payments were debited before we received the details.

[di30]

Re: Re-mortgage application forms query?

I have come across the mortgage agreement that was the one we accepted, so it does look like it's worked from the earlier application as there is no other, below is a copy of the Welcome letter from C&G.

[di30]

Re: Re-mortgage application forms query?

Think this rectifies things.
Received letter back from Mortgage Specialist from bank.

"A new application from was not required for this amendment, as any adjustment was recorded in the Mortgage Offer forwarded to you both"

[mgfboy]

Re: Re-mortgage application forms query?

As I thought, but did you get the correct new offer letter??

[di30]

Re: Re-mortgage application forms query?

As I thought, but did you get the correct new offer letter??

Hi

I have just emailed him now, as he left his email addy on the letter, I have asked for it, because I cannot find it, I do have the mortgage agreement though of what we did borrow, if that makes it ok?

[di30]

Re: Re-mortgage application forms query?

Hi

I have just emailed him now, as he left his email addy on the letter, I have asked for it, because I cannot find it, I do have the mortgage agreement though of what we did borrow, if that makes it ok?

Would that in my above post 9 be it? A welcome letter?

[mgfboy]

Re: Re-mortgage application forms query?

Would that in my above post 9 be it? A welcome letter?

Looks like a welcome letter to me, it certainly isn't the offer letter as it states it was sent out post completion.

Di what are you trying to prove or disprove with this information gathering?????

[di30]

Re: Re-mortgage application forms query?

Looks like a welcome letter to me, it certainly isn't the offer letter as it states it was sent out post completion.

Di what are you trying to prove or disprove with this information gathering?????

Oh right, I shall keep looking anyway.

If I wanted to sell my property in the near future (I am thinking about it), would I need these details?

Also for benefit reasons (if required in time) as they do tend to ask for paperwork. Hopefully I will never need them for these reasons though, but they do ask for copies of mortgage applications for proof etc.

Cheers.