can mortgage offer be withdrawn after exchange?

worrypants

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HugoSP

I wouldn't worry unduly.

The only time I suspect that someone like the Halifax would consider doing that is if they found out about fraud etc.

Your best bet is to put the FA straight about your husbands income, especially as it would make no difference to the application.

If youare particularly concerned you could opt for exchange and completion on the same day - provided your solicitor can accomodate this.

I have done this 3 times now, it is possible.

worrypants

Good luck all

Alan_M_2

You sound just like my ex wife, worrying about things that haven't and might not even happen, just chill out and take each hurdle as they come.

Lifes to short to be worring about what if's constantly.

silvercar

I would do nothing, £1500 is not significant in mortgage lending terms and you say it is within Halifax lending limits anyway. Why ask for trouble?

If it did come to light, it probably wouldn't make a difference, but you would have a few nerve wracking days while they re-approved the mortgage.

mrsc_4

Our mortgage advisor with the Halifax also got my salary incorrect as well, by an extra 1K (will increase to that next year anyway) but we never bothered telling them, they didn't even want to see proof of my income as the mortgage is joint but we're not borrowing much based on my salary. I personally wouldn't worry about it I know its easier said than done (and I was the same as you) but if you have exchanged then I'd pretty much bet your home safe and dry especally with such a large deposit.

robindobbin

I heard a similar story very recently - from the sales advisor of the new-builds where we're moving tomorrow.

She said there had been cases of people who got their mortgage offer and then immediately went out and applied for loads of loans/credit cards thinking the mortgage was OK, but then the offer was withdrawn after a credit check before completion.

I'm not sure if this is an actual story, or a myth, but in either case it doesn't apply to you as you are not recklessly applying for lots more credit are you? Wait until after completion for that

rach29

This did actually happen to us!! :eek:
48hrs before completion our solicitor called to say Abbey had refused to allow monies to be drawn down for our purchase. However ours was an unusual situation as we were re-mortgaging our home to assist in the purchase of our new home, both mortgages were with Abbey but it seems they had'nt tied the two mortgages together and only realised at the last minute.

After some strong words to Abbey from both the solicitor & our IFA Abbey eventually saw the error of their ways and relented at 5pm the day before we completed. Quite simply the most stressful thing that has ever happened to me & I had no idea it could happen (and I have previously worked as both a mortgage adviser & a Bank Manager)

HOWEVER, from what you have posted I can't think of any reason this would happen to you so please don't worry

I just wanted to give a true example of what can happen.

Rick62

Yes, the lender will keep the option to withdraw should your circumstance change, however a genuine error of £1500 in your husband salary is not an issue at all. As you say they are not asking for confirmation and his correct salary is still fine. I have clients who don't even know their salary within £15,000 (particularly self employed etc) without it causing a problem!

Rachman_2

In short, yes they can withdraw the offer subject to certain conditions - some of them market material adverse changes and some specific to either you or the property. Just like any other loan with split signing and completion - he who's putting up the money calls the tune....

Will they, even for a small discrepancy in the stated income - no chance whatsoever. They sent you a standard letter - don't worry about it - I'd probably not even sort out the change in income till after it's closed to be sure

Ian_W

I'd agree with the other posters - Yes they can but from what you've posted it is EXTREMELY unlikely that they will. Lenders make their money from, err, well ... lending - so unless something came up that pretty seriously jeopardised their position then the chances are almost nil that they'll withdraw their offer.

Something in your post does puzzle me though ...

worrypants wrote:

( in husbands name only as we would not be able to borrow enough if it was in joint names)

My assumption was that you, individually, had a poor credit record from that comment but you say not. Why would being in joint names not allow you to borrow as much as in his name alone? AFAIK, if you apply in joint names with only one having an income it's treated the same as a single applicant. Or am I missing something?