Natwest Mortgage offer signed & now being withdrawn by bank

fallon_xxx

Hello

Please help!

We have found a property, got a mortage agreed in principle, made an offer on the property which got accepted. The bank took our details, did the searches and instructed the valuation of the property.

The property passed the valuation and the bank sent us a formal mortgage offer. We filled out all the bank mandates, signed the offer and returned it.

After the offer was signed the bank then through email only set us conditions that were not quoted on the formal offer document.

We have met the new conditions and were suppose to put a deposit down today. The bank have now sent us an approved in principle agreement listing a further 9 conditions!!!!

To what we understood after you sign the Formal offer you have the mortgage agreed? why have we now gone back to the mortgage only being approved in principle?

Please help we are on holiday thurs and if we dont put deposit down tomorrow we lose the property!

happybroker

what sorts of things are they asking for?

fallon_xxx

things they already have plus things about the water tank and roof, building control! surely thats what the surveyor was paid to do! why have they changed it from formal offer to principle?

happybroker

the offer shouldn't have been issued without these conditions in your right.

If you have just had a survey for mortgage purposes or even a homebuyers report done then the surveyor will only have mentioned that he is concerned about these things and recommended that specialist reports be obtained. These should then have been picked up by the underwriters prior to offer.

The surveyor is there to confirm the property is suitable security for a mortgage, that it's worth what your paying for it and to point out any obvious problems.

That's obviously not happened and I can understand that you would be livid, certainly I would be.

To take the positive's first of all, at least you haven't exchanged contracts. They can withdraw the offer any time before completion if they have good reason and if you had exchanged then you really would have problems.

You need to ring them first thing in the morning and speak to somebody senior, if it were me I would calmly insist on a full explanation as to why this has happened there and then and then move on to how this is going to get sorted (as this is ultimately what you want). DO NOT AGREE TO SOME ONE CALLING YOU BACK, STAY ON THE TELEPHONE, you don't have the time to be waiting around. If they tell you the manager is unavailable keep insisting on speaking to the next person up the line, some one will come to the phone eventually. Better still go to the branch if that's how you organised it and mad in the branch, they will soon get you into an office and start trying to help you.

Get your solicitor to explain to the other side once you have more info from Natwest so that they are in the picture, if there are issues with the property then they might not be so keen to withdraw from the sale.

If there are problems with water tanks/ roof etc then you are probably going to want to get this sorted. The vendors will come up against this with another buyer anyway so don't lose faith.

There are a few posts on here about Nat West being pretty good at losing stuff which is completely unacceptable (I haven't experienced this with them myself). If you do have to send anything in send it by recorded delivery.

Good luck, I and others will be checking in through the day tomorrow so dont be afraid to post if you need anything else. Golden rule on the phone is to keep calm but be very very insistant