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What happens if you lose your mortgage offer after exchange?
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Ooh, the little !!!!!!s. I am with them at the moment, but I am moving away from them from next week.0
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In practice a withdrawal of an offer for change in lending criteria after exchange sounds to me like an open and shut case for the Financial Services Ombudsman. Problem is it would have taken them several weeks to resolve it!
Normally lenders only withdraw offers if the borrower's circumstances have changed or it turns out that the borrower has not told the truth about his/her position. e.g. borrower is "employed" by a company with no assets largely owned by her father.RICHARD WEBSTER
As a retired conveyancing solicitor I believe the information given in the post to be useful assuming any properties concerned are in England/Wales but I accept no liability for it.0 -
This happened to us too, we exchanged on the friday, due to complete the following friday..
My husband gets a call from the solicitor monday morning saying that the mortgage company werent happy with the way the deposit was being paid (money from my parents but via a trust rather than cash direct) even though we had been honest about it from the start and the mortgage company had known about it for months so they were pulling the mortgage..
We had a very very frantic few days trying to placate the mortgage company about it pointing out to them that they had known about it so why had they not mentioned it before exchange..
They reinstated the offer on the thursday and drew down the funds for us free of charge for it being their mistake.. I really dont want to ever go through that again!
We did complete on the friday! And then had a very big drink!0 -
I believe, although i never got this confirmed, that it was because i had only just turned 18. I was open and upfront from the beginning, was in full time employment and had a 15% deposit (Compensation from being run over when i was a child), but as i say i never got an answer beyond you no longer fit our lending criteria.
Being 18 i had no real knowledge of how Lenders are regulated etc, so didnt think to take it any further.0
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