Bank of Scotland cancelling mortgage offers?

G

gavo

Guest
Anyone heard anything about this- apparently they have cancelled all exisiting loan offers as they are "reviewing" their procedures - this means anyone due to drawdown a mortgage currently are in trouble.
 
existing 100% offers have all been withdrawn unless the acceptance has been received, and their fixed rates are all under review til next month
 
Yes I am one of those people. was supposed to get 95% and now only getting 90%
 
Shocker another bank withdraws from offering loans. Only the beginning...

Sorry to hear you lost your loan offer but maybe this gives you a chance to save for a deposit and go for 80% loan.
 
slinky said:
Shocker another bank withdraws from offering loans. Only the beginning...

Sorry to hear you lost your loan offer but maybe this gives you a chance to save for a deposit and go for 80% loan.
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That would take a long time,That would be 67k, 67k doesnt grow n trees for ordinary joe soaps!


we will take the 90%, its not as daunting as 80%
 
I understand, in the long run the lower your mortgage the better you are able to weather the coming storm.
 
slinky said:
I understand, in the long run the lower your mortgage the better you are able to weather the coming storm.
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Yes i suppose its a blessing in a way, not too nice for the cash flow at the minute though!
 
Have you thought about taking a payment vacation? That might aid in allowing you to save up some funds for a few months, if you are feeling the pinch. That is if you already have a mortgage.
 
Did they not give customers/brokers any notice that they were going to do this?
 
its also an increase in interest rates applied to tracker mortgages - in my case it increased by 0.4%
 
This is a very worrying sign for the economy as a whole.

I feel really sorry for those trying to get a mortgage for a 1st home these days. Money might be coming off the price of houses around the country, but its getting very difficult to get the mortgage to buy them now.

I'm just glad I bought years ago.
 
Is it just Bank of Scotland that have cancelled the mortgage offers or are other banks doing the same?? I got an offer on my house 2 weeks back from a couple that was mortgage approved and I am in the process of getting deeds from my bank so that contracts can be signed and house sale completed.. Dont know what bank the couple who are buying my house are with though.. I will be gutted if they are with BOS and the sale falls through.
 
Diz said:
Did they not give customers/brokers any notice that they were going to do this?
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Nope. The e-mail went around at 10 a.m. this morning saying that only loan offers signed and returned before 10 a.m. this morning would be honoured. It had been flagged in the press in recent days.
 
gazzer said:
Is it just Bank of Scotland that have cancelled the mortgage offers or are other banks doing the same?? I got an offer on my house 2 weeks back from a couple that was mortgage approved and I am in the process of getting deeds from my bank so that contracts can be signed and house sale completed.. Dont know what bank the couple who are buying my house are with though.. I will be gutted if they are with BOS and the sale falls through.
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It's only Bank of Scotland. They're restricting loans to 90% of property value. So it's only if your buyer had a loan offer at 95% or 100% with Bank of Scotland and can't come up with the 5% or 10% that you're in trouble.
 
why are you in trouble? You simply don't buy until you can afford it.
 
slinky said:
why are you in trouble? You simply don't buy until you can afford it.
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Not that simple for some people. Many people probably signed contracts on new developments based on getting 95-100% mortgages from Bank Of Scotland. Now suddenly they are told they are only getting 90% so have to come up with the extra cash to close. They may not have time to save the difference
 
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