Hi All
I recently went for a secured loan through a broker. The loan was approved and underwritten successfully and they sent me a copy of the credit agreement, that they had signed and I duely signed and sent back.
They are now telling me I cannot have the loan because there is not enough equity in the property, as the LTV has been limited at 90%.
My questions are:
- If they have signed the agreement and I have signed the agreement, does this not mean that the agreement has already been executed and they are obliged to release the funds to me ?
- Have they been negligent in what has happened ? During the initial application, I informed them that outstanding balance on the mortgage together with the estimated value of the property.
Thanks for your help.
Jamie