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Buyers mortgage withdrawn :(
betsie
Posts: 434 Forumite
I thought it was all going to well. House on rightmove Wed, offer accepted Friday. Survey done all ok. Mortgage offer received and solicitors instructed.
2 weeks on:-
EA has just called to say Santandar have pulled buyers mortgage. The offer was reviewed and they have changed their minds (buyer was borrowing £125k for purchase of £170k house).
Broker is confident they will find a new mortgage but if one bank has declined him does this not mean all the others will? I thought you had to put on the forms if a mortgage was refused?
Have said I will give him to end of next week to find new mortgage - what do people think?
2 weeks on:-
EA has just called to say Santandar have pulled buyers mortgage. The offer was reviewed and they have changed their minds (buyer was borrowing £125k for purchase of £170k house).
Broker is confident they will find a new mortgage but if one bank has declined him does this not mean all the others will? I thought you had to put on the forms if a mortgage was refused?
Have said I will give him to end of next week to find new mortgage - what do people think?
0
Comments
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Post-offer withdrawals are always difficult to comprehend. Who knows why everything looks ok one minute, then not the next?
Having this happening is not necessarily an indication they'll be declined elsewhere.
If they've had searches done, they should be able to catch up to where they were quite quickly. I don't think I'd set them any deadlines just yet.
Ask for regular updates and see how long it takes for a surveyor to come round this time. Let us know who the new lender is, when you find out. It might tell us nothing, or it might give us an idea of the Santander problem.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 -
A week is not a long time for your buyer to get another mortgage application processed.0
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No, I am giving him till next friday to get a provisional ok and have another survey booked in.0
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