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Due to complete but Mortgage pulled
betsie
Posts: 434 Forumite
Why is it all so hard.
We were due to exchange and complete the sale of my mums house yesterday. Buyers mortgage with Nationwide approved on 14 July, solicitor requested funds for completion on Friday and was refused. Apparently their mortgage was picked for review and it has been pulled. !!!!!
My solicitor thinks it very odd as if we had exchanged 2 weeks ago and then they had pulled the mortgage what would have happened. Either someone has been lying or the Banks are getting very jittery (he was borrowing 70% of value).
If the Banks start pulling offers they have issued at the last minute how can anyone proceed.
The EA is telling me the broker has said he will sort it all out when he is back from his hols next week but I can't see how he has so much influence over the Nationwide mortgage dept.
This is the second time this has happened now both buyers have been Self employed both have had offer in writing then it has been pulled.
URGHHHHHH
We were due to exchange and complete the sale of my mums house yesterday. Buyers mortgage with Nationwide approved on 14 July, solicitor requested funds for completion on Friday and was refused. Apparently their mortgage was picked for review and it has been pulled. !!!!!
My solicitor thinks it very odd as if we had exchanged 2 weeks ago and then they had pulled the mortgage what would have happened. Either someone has been lying or the Banks are getting very jittery (he was borrowing 70% of value).
If the Banks start pulling offers they have issued at the last minute how can anyone proceed.
The EA is telling me the broker has said he will sort it all out when he is back from his hols next week but I can't see how he has so much influence over the Nationwide mortgage dept.
This is the second time this has happened now both buyers have been Self employed both have had offer in writing then it has been pulled.
URGHHHHHH
0
Comments
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Think this maybe something to do with the 'self employed' buyers being higher risk to lending.0
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Plenty of employees find their offers retracted at audit, it isn't confined to the self-employed. Unless every detail on the application matches the support documentation requested at audit, there is a risk of this happening. On the M&E board we currently have a case where the OP's buyer's offer was pulled after exchange.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
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Ask your solictor to seek written proof/confirmation from the buyer's lender that the mortgage has been pulled before you accept this as a reason for delay or possible collapse of the sale.
Once contracts have been exchanged there are massive penalties for the buyer if they do not complete.0 -
But here contracts had not yet been exchanged.Ask your solictor to seek written proof/confirmation from the buyer's lender that the mortgage has been pulled before you accept this as a reason for delay or possible collapse of the sale.
Once contracts have been exchanged there are massive penalties for the buyer if they do not complete.0 -
If it has been going on for a while, the buyers mortgage lender could have re credit scored them and circustances could have changed.. Just a thought!0
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Home page spamMortgage_Arena wrote: »If it has been going on for a while, the buyers mortgage lender could have re credit scored them and circustances could have changed.. Just a thought!Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0
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