We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Lenders pulling out after exchange of contracts
Comments
-
as a property solicitor it is rare, very. Only if you have lied or have a material change in circumstance (job loss) would it be likely.My posts are just my opinions and are not offered as legal advice - though I consider them darn fine opinions none the less.:cool2:
My bad spelling...well I rush type these opinions on my own time, so sorry, but they are free.:o0 -
We were terrified ... first that we wouldn't get a mortgage (no reason why not). Then when we got the mortgage offer that it would be withdrawn; that someone would say it was all a terrible mistake and why would they lend money to *us* ... Sitting in MY house now, 7 months later, I sill can't quite believe it's for real. It's such a big thing. As you say, all your savings are like *that*, everything changes ... no wonder you keep expecting things to go wrong!0
-
as a property solicitor it is rare, very. Only if you have lied or have a material change in circumstance (job loss) would it be likely.
Job loss is quite a possibility even at the best of times. I just feel that the big institutions should shoulder that risk rather than passing it back to the small guy, especially if the buyer is putting down a decent deposit.No reliance should be placed on the above! Absolutely none, do you hear?0 -
Buying houses is scary. I remember when we bought our first house I was terrified at the prospect of spending £11995, now you can hardly buy a car with that ! Just trying to put things in perspective for you, I'm sure you'll look back and wonder why you were so worried - good luck.0
-
Job loss is quite a possibility even at the best of times. I just feel that the big institutions should shoulder that risk rather than passing it back to the small guy, especially if the buyer is putting down a decent deposit.
sure you can still have the mortgage despite losing your job...hey make no payments back to us until you find one...we wont check that you are looking for a job.
i am no bank, but come on, who would lend if you lose your job!
no easy answer.
some firms take out insurance to cver this for their clients. aparently the preiums arenot that great...i.e insurnace to allow the buyer to back out and pay all costs up the chain as a result.My posts are just my opinions and are not offered as legal advice - though I consider them darn fine opinions none the less.:cool2:
My bad spelling...well I rush type these opinions on my own time, so sorry, but they are free.:o0 -
sure you can still have the mortgage despite losing your job...hey make no payments back to us until you find one...we wont check that you are looking for a job.
i am no bank, but come on, who would lend if you lose your job!
Say exchange is 1 March and completion is 28 March. If you lose your job between those two dates, the lender pulls the rug out from under you - financial armageddon! If you lose your job on 29 March, that's okay, as you can hopefully find a job before arrears build up.
Of course, many people take out insurance against sickness or redundancy, to protect their mortgage payments. Maybe that should commence from exchange rather than completion? Not much good, though, if the lender's going to leave them in the lurch anyway.No reliance should be placed on the above! Absolutely none, do you hear?0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.4K Banking & Borrowing
- 254.4K Reduce Debt & Boost Income
- 455.4K Spending & Discounts
- 247.3K Work, Benefits & Business
- 604K Mortgages, Homes & Bills
- 178.4K Life & Family
- 261.5K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards