Not happy with your Mortgage Offer?

13 Jan 2007

Is your Mortgage offer not to your likings? Well, don’t worry, same thing happened to me. I waited 2 months for my Mortgage offer to get accepted, then when it eventually got approved, I was indecisive, and decided I didn’t like the offer I was given. In my case, all I wanted to do was change my initial “repayment” policy, to a “interest only” policy. So I spoke up and got things changed. Ultimately, the change meant I wouldn’t have to pay money out of my own pocket every month to make the Mortgage repayments. Instead, my monthly income from letting the property would cover the entire monthly payment. However, it meant i would only be paying the “interest” on the loan, and not actually paying off the debt, hence why my monthly repayment amount dropped in price. However, 99% of Buy To Let Investors take out an Interest Only Policy.

Remember, it’s not too late to back out of a Mortgage offer. A lot of people assume they’re committed to a mortgage once they get the paperwork for an offer. That is simply not true. It’s important to realise that you should not commit to a mortgage policy you are not happy with, and it’s not too late until you sign on the dotted line with your solicitor.

It’s important to remember these golden rules:

1/ A mortgage “offer” is just that, an “offer”. You’re not committed to any agreement, so don’t feel like you are.
2/ If you are not happy with your policy, then DO NOT sign the papers agreeing to it. Take your time and shop around for something suitable.
3/ Do not be pressured into any Mortgage Policy by your Mortgage Broker. Remember, they are working on commission, so they want you to sign.

Attention! If you're new here, you may want to subscribe to my RSS feed so you're notified of all new blog entries.

Talk / 0 Comments, Be The First