Last-minute mortgage offer withdrawn by bank

siu2009

My solicitor finally confirmed me this evening that she got the mortgage money from RBS. I am now able to complete and get the keys tomorrow. Phew!

The reason RBS don't like the Homebuy scheme is still unknown but I reckon the possible reason is the higher risk of not being able to sell in open market when it comes to repossession.

I was told that there are in total 15 mortgage offers for the HomeBuy scheme from RBS being withdrawn. And i am the only case out of the 15 that the withdrawal is lifted, on the ground that contracts have been exchanged. I have to thank my solicitor and financial advisor who dealt with my case at the highest level in their company. I think the bank may be aware of the potential of being brought to court. I wish that the other 14 buyers don't get into too big trouble.

Now with the money in hand, I can really start to think about moving home. Haven't been that relaxed since the buying process started...

Thanks for all who advised.

silverm

Hi Siu2009,

I am facing the exact problem you faced with HomeBuyDirect shared equity flat and my mortgage withdrawn just when my solicitor asked to release funds.

Completion is due next week and I am so scared.

Is it possible for you to provide me you solicitors and advisors name? I would like to contact them.

Thanks in advance.

Regards.