Mortgage questions

Alibali

Hi

We have a mortgage approved and the mortgage company are now doing the survey on the house before issuing the offer of loan for us to sign. Providing the house survey's up, they are happy.

I am maybe just being over cautious from reading other people's stories about the banks pulling out, so now that they are doing the survey (which we are paying for) Is it likely that they could pull out for any other reason apart from the house not surveying up?

Thanks!

P.s House buying is so stressful, I dont think I will ever do it again! :rotfl:

BitterAndTwisted

What sort of survey are you having carried out?

sonastin

Reasons to pull out:
1) survey highlights that the property is not a good lending risk for the amount you are asking to borrow
2) survey highlights risk factors that the bank won't consider for any amount of loan
3) circumstances change - more likely to be yours than the lenders but on some rare occasions a change in the banks lending policy has flipped a customer from the "OK to lend" category into "too risky". If you think you are a risky customer and your approval could be borderline (questionable credit history, high LTV, self-employed with minimal accounts info, etc), you might have cause for concern on this but otherwise, such a small risk that I'd forget about it.
4) solicitor picks up something in the searches which he must bring to the banks attention and which means that they aren't prepared to lend against that property (e.g. no planning permission) and no compromise can be reached with the vendor (indemnity insurance is often a placebo for lenders). Your solicitor is also working for the lender in this transaction so he isn't allowed to sweep things under the carpet. But if he comes up with anything big enough to trouble the lender, you should be seriously thinking about whether you really want to proceed with the transaction so the lender might just end up doing you a favour on this point.