Suspended Re Possession Order and Mortgage Application

[MinesGT]

We have been fighting the bank regarding a 2nd charge on our properties. They ae currently seeking repossession (already had one adjournment as we were and still are negotiating!!).

 

The question is this:

 

We are unable to offer the full amount, however, we have been given an indication by a mortgage lender of what we can re mortgage for.

 

We have offered this value in full and final settlement ( approx 72% of the total amount owed). We have stated that we will not process a mortgage application until we know if this would be accepted, to save unnecessary costs etc.

 

There reply was for us to agree to a 28 day suspended re possession order as part of any agreement.

 

But if we do this, is there not a part of the mortgage application process which states that if we do not declare this repossession order, then the application could be classed as fraudulent ?, OR if we do declare it, it would potentially disqualify us from making a successful application?

 

By the way, they want us to agree to this prior to our newly arranged repossession hearing of next week, even though this agreement was only proposed this morning!!

 

Help!!!!

 

Any advice or suggestions are most welcome