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
What happens if you lose your mortgage offer after exchange?
danielley
Posts: 744 Forumite
One solicitor has told me that they will not exchange without an unconditional mortgage offer, but now the letter I have received from the same firm of solicitors says;
"Please note the lenders can withdraw the mortgage offer at anytime up to completion. This can be done even if you have exchanged contracts. Although this is very unlikely, I want you to be aware of the possibility"
!!!!!!!
What would happen if this were to happen to me??
"Please note the lenders can withdraw the mortgage offer at anytime up to completion. This can be done even if you have exchanged contracts. Although this is very unlikely, I want you to be aware of the possibility"
!!!!!!!
What would happen if this were to happen to me??
0
Comments
-
What are the conditions of the mortgage offer?Everyone is entitled to my opinion!0
-
I expect it is the solicitor covering their own backs. And I suspect it would only apply in exceptional circumstances e.g the house burned to the ground between exchange and completion and therefore the bank would have no security on which to lend. That of course is why you need to insure the property from exchange however.0
-
Is there an unconditional mortgage offer?
AFAIK a lender can withdraw any mortgage offer at any time. Any of the legal eagles clarify?I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
This happened to me in 2003, i was buying my first home and had an offer from a highstreet bank, signed the offer and exchanged, 2 days after exchange they withdrew their offer due to a 'change of lending criteria' and under their new criteria i did not fit.
I explained this to the vendors straight away and had to get on finding another lender. I managed to get another offer through on the day of completion and signed it there and then, they could not get the monies through by close of business so completion was then delayed from the Friday through to the following friday.
The vendors requested i paid their removal company costs including the cancellation as a way of avoiding any legal wranglings. Could have ended up being worse.0 -
Goodness WombleStu! Sounds like you made the best of it though, a week delay is good going!0
-
This happened to me in 2003, i was buying my first home and had an offer from a highstreet bank, signed the offer and exchanged, 2 days after exchange they withdrew their offer due to a 'change of lending criteria' and under their new criteria i did not fit.
I explained this to the vendors straight away and had to get on finding another lender. I managed to get another offer through on the day of completion and signed it there and then, they could not get the monies through by close of business so completion was then delayed from the Friday through to the following friday.
The vendors requested i paid their removal company costs including the cancellation as a way of avoiding any legal wranglings. Could have ended up being worse.
What a fantastic way to treat a customer - hope that bank dont get any business from you now!0 -
This just leads me to think there will be more same day/simultaneous exchange and completions.
Basically, don't give the lender a chance to think about it between the two.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
it was the most stressful 10 days of my life. Me & my partner are in the process of buying our first place together as we speak, hoping to exchange in the next couple of weeks. Hopefully lightning wont strike twice!
and no they won't be getting any of my business, or any of my families/friends business either. EVER!
0 -
Name and Shame WombleStu!0
-
Are you allowed too? Hopefully i wont get into trouble! :A
C&G :whistle:0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.6K Banking & Borrowing
- 254.5K Reduce Debt & Boost Income
- 455.5K Spending & Discounts
- 247.5K Work, Benefits & Business
- 604.3K Mortgages, Homes & Bills
- 178.6K Life & Family
- 261.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards