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Mortgage offer Withdrawn
Henry_C
Posts: 3 Newbie
I recently had my mortgage offer withdrawn and I suspect why but thought I would share the circumstances.
The mortgage was for 15% the value of the property
My Income is actually more than the value of the mortgage.
The mortgage funds were not forthcoming at the time of completion so we borrowed on a temp basis to complete.
The mortgage company has now withdrawn the mortgage offer as they say the mortgage was for a house purchase and I am now in a re mortgage position and would have to wait 6 months to re apply.
Their mortgage offer made no reference to the offer being for a 'purchase' rather than 'remortgage'.
I think I've been credit crunched!!!
The mortgage was for 15% the value of the property
My Income is actually more than the value of the mortgage.
The mortgage funds were not forthcoming at the time of completion so we borrowed on a temp basis to complete.
The mortgage company has now withdrawn the mortgage offer as they say the mortgage was for a house purchase and I am now in a re mortgage position and would have to wait 6 months to re apply.
Their mortgage offer made no reference to the offer being for a 'purchase' rather than 'remortgage'.
I think I've been credit crunched!!!
0
Comments
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I doubt you have "been credit crunched"....I suspect you've done this on your own and not taken any advice...The product would have been a purchase product....Now you have gone ahead with bridging your lender's criteria will be the 6 month waiting period....suggest you see an adviser who may be able to find you a lender who will consider this.....0
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