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Mortgage Completion
leachus2002
Posts: 2 Newbie
Hi Everyone,
Newbie here!
I have been reading on the net about the nightmare stories that some people are having where mortgage companies are withdrawing offers between exchange and completion - because they are finding problems with the original application.
We have exchanged and are due to move on Monday and I have been worrying throughout the whole process that we are for some reason, our application is going to be withdrawn!
I had a phonecall today from the Solicitors saying that the funds have been released and are now in their bank account, ready for completion on Monday
Does that mean that they cannot now withdraw the offer and that the mortgage is now classed as live and completed, or could they still find some gremlins?
We have been honest throughout our application and our IFA has been brilliant, just dread the fact that we could potentially loose our £20k deposit if there is something they don't like
Cheers
Matt
Newbie here!
I have been reading on the net about the nightmare stories that some people are having where mortgage companies are withdrawing offers between exchange and completion - because they are finding problems with the original application.
We have exchanged and are due to move on Monday and I have been worrying throughout the whole process that we are for some reason, our application is going to be withdrawn!
I had a phonecall today from the Solicitors saying that the funds have been released and are now in their bank account, ready for completion on Monday
Does that mean that they cannot now withdraw the offer and that the mortgage is now classed as live and completed, or could they still find some gremlins?
We have been honest throughout our application and our IFA has been brilliant, just dread the fact that we could potentially loose our £20k deposit if there is something they don't like
Cheers
Matt
0
Comments
-
If you've been honest on the application and your circumstances haven't changed there's no reason why the mortgage offer should be withdrawn?0
-
leachus2002 wrote: »Hi Everyone,
Newbie here!
I have been reading on the net about the nightmare stories that some people are having where mortgage companies are withdrawing offers between exchange and completion - because they are finding problems with the original application.
We have exchanged and are due to move on Monday and I have been worrying throughout the whole process that we are for some reason, our application is going to be withdrawn!
I had a phonecall today from the Solicitors saying that the funds have been released and are now in their bank account, ready for completion on Monday
Does that mean that they cannot now withdraw the offer and that the mortgage is now classed as live and completed, or could they still find some gremlins?
We have been honest throughout our application and our IFA has been brilliant, just dread the fact that we could potentially loose our £20k deposit if there is something they don't like
Cheers
Matt
your fine dont worry, the money is now in the hands of the solicitors, as long as the solicitors doesnt go bump, which isnt likely to happen, good luck on your move:beer:0 -
If you have been completely honest from the start and have nothing to hide, you shouldn't fear much. I know that there's always that little niggling thought but once the mortgage has been released to your solicitor - you have a mortgage with your lender. It is almost done and dusted. You start paying them mortgage from the date that they released the funds to you.0
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Thanks for the prompt replies all,
Sounds like now the money is with the solicitors everything will be Ok. Fingers crossed for Monday
It's just such a big commitment, and had enough stress already 0 -
Good luck with your exchange, and may you have many years of enjoyment in your home.
Cheers, HG0
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