FAQs
Please select the category you wish to view from
the links to the right-hand side.
How do I arrange for an offer to be amended?
You should call your Regional Processing Team.
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What will my client’s first payment include and when will it be collected?
Your client’s first payment is usually for a greater amount than
the normal monthly mortgage payment.
The first payment will include:
- Initial interest from the date of completion to the end of that
month
- The first full instalment for the month after completion.
If a mortgage completes towards the end of the month and the
chosen payment date is less than 10 working days afterwards, the
first payment will be collected on the 10th of the month, and on
the chosen payment date thereafter. Eg, if completion is on the
28th, and the chosen payment date is the first, the first payment
will be collected on the 10th and the 1st thereafter. If completion
is on the 15th, all payments will be collected on the 1st.
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When will my client(s) receive the letter confirming what the first payment will be?
All customers are sent a first payment letter within 3 working
days of their loan being advanced. The letter contains details
about the customer’s first mortgage payment and subsequent monthly
payments.
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How long is the offer valid for?
The offer is valid for four months from the date of issue. Where an offer passes the four-month expiry date we require an additional form and will need to re-check some of the customer’s credit data.
Some products have drawdown deadlines. If the application does not complete before the drawdown deadline expires the customer must choose another product. If the offer is on a product with a drawdown deadline, provided it has not passed, your client will still be eligible for that product.
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Where does the customer need to send the signed house purchase/re-mortgage offer letter?
To their solicitors.
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What happens if the client does not wish to proceed with the offer made?
You are free not to proceed with the loan, but
your client may lose any application and valuation fee which have
been paid to us.
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The offer letter has been issued, but the customer would like to make a change to the loan amount, what do I need to do?
Send us a fax confirming the changes.
Providing the changes remain within the lending criteria, we will
do the amendments and reissue the offer.
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Why does the offer show an incorrect purchase price?
The offer letter will confirm either the
estimate of valuation or the purchase price. A separate instruction
is sent to the solicitor which confirms the purchase price of the
property. On the offer, it will always have the valuation amount;
not the purchase price.
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Why is the current mortgage balance higher on a Homeowner Loan offer letter than the KFI?
As the offer letter is valid for three months,
we add three normal monthly payments to the existing balance
because the customer has not made these payments. As long as the
customer maintains their current monthly payments the KFI quote
will be correct.
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Where does the customer send their Homeowner Loan offer letter?
To the following address:- Image processing,
Cheltenham & Gloucester plc, Chief Office, Barnwood
Central, Barnett Way, Gloucester, GL4 3RL.
Following its receipt, it usually takes three
working days for the funds to be released.
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Why is the first month payment higher than the normal monthly payment?
Depending upon when the case completes, the customer will pay
initial interest to the end of the opening month, plus the first
full month’s payment.
For example, customer completes on the 15th Feb, the first
monthly payment will be taken the following month in March and will
therefore be calculated from the 15th Feb. to the 31st March.
Please note if a preferred payment date is not stated on
the application, it will automatically default to the first of the
month.
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Where can I find out exactly how much the first part payment will be?
The mortgage offer provides an illustration, assuming a start
date. The loan starts on the day the funds are issued and, the day
after that, a letter will be sent to the customer confirming the
start date and their payment details. The customer can also
telephone our Customer Services Helpline on 0845 6031637 to obtain
confirmation of their payment details, once the funds have been
issued.
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When the mortgage has started, when will the first direct debit be taken?
This will always be taken in the next calendar month after the
mortgage starts (after the funds have been issued). If the payment
date is the first of the month and we have insufficient time to
arrange to collect the payment, the date will automatically default
to the 10th for the first month, and to the 1st from thereon.
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