We got declined for this through TSB. Took us almost 4 months to get a final answer - going back and forth with all the paperwork! Then, when we finally had everything they needed they announced they had changed the criteria and we now had to be in a job for longer than 1 year (rather than 6 months)
Yeah I know Kate, but you dont always get all the info with a mortgage broker.
We meet the criteria for a loan but have no deposit . No big deal though we will have no debt at the end of the year so will save as of next - Id rather enjoy a bottle of wine or a weekend away when we want than have to stay stuck at home to meet a mortgage payment just now, its only 2 more years
One thing to clarify, we got a WHL through SBS, and my dad was gonna gift us the deposit. BUT two weeks before applying, SBS changed their rules saying that gifted deposits also needed to be saved, and needed 3 or 6 months of bank statements proving that. My dad has their house on revolving credit, so it wasn't gonna be saved as such. So we had to break the term deposit on my DH's family trust account . that was about 6 weeks ago. It all worked out in the end tho
rules seemed to have changed quite a bit. i remember our broker telling us if we had waiting two more weeks before applying, we probably would not have got the loan
oh now the reason comes floading back to me!! - we applied through SBS and they took AGES to get back to me then when they did they said we missed the cut off point and we now dont meet their criteria!! i was so pissed off and the lady was rather rude too!!!
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. that was about 6 weeks ago. It all worked out in the end tho
