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Lender has withdrawn offer
bonbannah
Posts: 21 Forumite
Hi, bit worried at the moment. My boyfriend and I are in the process of buying a house. He was planning to rent out his current place and remortgage to release some equity to go towards our deposit. Three weeks ago the remortgage was accepted, then all of a sudden on Friday it was withdrawn. Our broker told him not to worry he'd sort it out with another lender but it's difficult not to worry! Without the release of funds we will be looking at a 15% deposit instead of 20% which will make the repayments signinicantly higher!
It's just frustrating that so many things are out of our control- the lender told the broker they couldn't discuss with him due to data protection and then told my boyfriend they couldn't discuss because of the application being made through a broker!
It's just frustrating that so many things are out of our control- the lender told the broker they couldn't discuss with him due to data protection and then told my boyfriend they couldn't discuss because of the application being made through a broker!
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Comments
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Did your partner receive a formal offer letter for the remortgage?
There is a fundamental difference between a decision in principle and a mortgage offer.0 -
It was an formal offer, in writing. Then when my oh asked a week later for the money to be transferred they backed out and said they don't have go give a reason. This has now messed up his credit rating as two others have said no since due to the abbey searches. Dont know whether to go for an 85% mortgage or keep the 80% mortgage and get a loan for the rest of the deposit which we can pay off when the other property is either remortgaged or sold.0
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Were the remortgage lender and the purchase lender aware of what you were doing? Is it possible one has spotted the other and assumed fraud is being committed?
You could try a subject access request to http://www.nhunter.co.uk/ to see what's held on your applications.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 -
When you say "due to the Abbey searches" were you trying to remortgage with them ?
Abbey wont allow you to remortgage and rent it out, it's as simple as that really. You need a proper Buy to Let or Let to Buy.
My guess is they got wind of it as I suspect you have another ongoing mortgage application for the purchase.0
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