We hit our first bump in the road today. We moved to progress on the mortgage and the bank refused without proof that my earnings would increase enough so that at the end of the five years the mortgage could looose its Gaurentour status.
This is stupid because noone can PROOVE they will earn a pay rise...let alone stipulate what it will be.
It prooved one thing to us...that this Mortgage is actually designed for qualifying professional who CAN proove that once qualified within the five years, they will earn more.
But that was not how the mortgage was advertized. So that Bank is on my blacklist and when all is over I shall name and shame.
We then held authorization on the Lawyers starting searches pending a new mortgage.
We found one which was nearly as good, a three year fixed term gaurentour at a rate of 300 PCM. We have booked for paperwork on Monday. So Tommorow we shall get a list of what is required for the application, and we shall be able to release Authorization for the Lawyers.
The Damage for this foolhardery caused by a soon to be revealed bank, is a Single Days Delay in Lawyer Searching Procedures due to a days delay in the start time. On Ave about £5 more expense for me per month on completion....Servere Stress for the Financial Advisor, who has crammed another weeks worth of Brokering within a day (I am paying him well for his trouble
) and a pretty bad day for my Father who was acting on my behalf with my full authority