Hi all

Karen and I received a phone call from our bank this afternoon (co-operative bank) after their legal review of our pre-approval application.

Our case had gone high up within the bank. It did not bring up the BC rules or covenant but it had questions about our UCOL liability. If there is no more liability come settlement day (ie guarantee is released or UCOL loans paid off) then pre-approval isn’t problematic.

Alternatively, no clear sight on pre-approval. If we still have a loan outstanding for which we guarantee then the question would be if it is held with our property as security and if the loan is manageable. This probably means we need to supply more documentation for the bank’s review.

I’ll be zooming in so see you soon.

Sander