Mortgage offer retracted at last minute

Yorkie1234

[FONT=&quot]I'm not sure if this should be here or on the house forum. Basically our buyer's buyer was due to exchange with our buyers and at the last minute their mortgage offer was retracted. Apparently they (along with their financial advisor) are appealing the decision, and also applying for a mortgage with a different mortgage lender

I was wondering if anyone has any experience of this. I'm really just looking for reasurance than they may get the decision retracted and hopefully their sale (and ours) will go through.

Positive experiences would be much appreciated as we're all packed up ready to exchange.



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GMS

Impossible to say if the appeal would be successful as we have no idea why it happened. I would suspect it is a pretty big thing though so wouldnt hold out much hope.

Applying elsewhere could take up to a month depending upon lender.

Sorry to say but you may be in for a delay.

Yorkie1234

Thanks for your reply. A delay I can cope with - it's the thought of it all falling through that's depressing me!

riverboat2001

I tried appealing the Post Offices decsision against us......very much "Computer says No" !!!!

timbo58

There MUST be a solid reason though: perhaps the buyers couldn't prove income or that undisclosed debts/liabilities cropped up on the final credit check?
I am amazed anyone expects to get given a mortgage nowadays if they aren't pretty much squeaky clean credit wise AND have a good deposit too!
It's unfair but the banks were too generous by far in the past and now we are all suffering for it.

GMS

Yorkie1234 wrote: »

Thanks for your reply. A delay I can cope with - it's the thought of it all falling through that's depressing me!

It may well fall through. Without knowing the reason for the retraction it is impossible to say.

Are you sure the offer was in place, or was the application declined?

Yorkie1234

I'm pretty much sure the offer was in place. We we're all about to exchange and then received the following, via the EA from our buyers:

[FONT=&quot]our buyer had a mortgage offer which was retracted at the last minute. However, our buyer is appealing this decision along with his financial advisor & In parallel to this they are making another application to different mortgage company. [/FONT][FONT=&quot][/FONT]