Will my mortgage offer be withdrawn!? please help

Simon_gloster

No worries. Yours should be ok so buy more new nails!!! but I have know Abbey in the past recall the funds post completion. It was a mess obviously, but hey not my problem, it was the lying customer at that time that caused them to dig a lot further.

It wasnt a lecture, the next time you now know how delicate this process is.
Enjoy your home.

JimmyTheWig

bailey2658 wrote: »

I feel sick worrying myself about this, im supposed to be transferring deposit to solicitor today (£25,000) and im worried if i do and anything goes wrong we will lose this money.

As it happens, exchange and completion on the same day mean that this shouldn't be an issue. The problem with losing deposits would come if the mortgage company pulled the plug _between_ exchange and completion.

Worst case scenario is that the mortgage company will say "no" and you won't exchange or complete. You'll have lost out big time (e.g. solicitors costs, valuations, searches as well as emotionally) but not to the same extent as if you weren't able to complete on an exchanged contract.

But assuming that doesn't happen (and given the affordability alluded to there is no reason for it to happen) then all will be well.

[Extra-worst case scenario - if the mortgage application is deemed to be fraudulent (on the basis that they asked for existing debts which were not accurate at the time of them giving the loan) then they could, presumably, demand the money back at any time. But I wouldn't say we were looking at anything like this scenario.]

holly_hobby

As Dave H correctly says, from the figs you have given, even if an ad hoc CRA check is done pre completion (and these dont always occur), you should be fine.

I can understand that you're anxious, and nothing we can say will stop you worrying until you've completed - but in this case your CC issue shouldn't be a deal breaker. (if affordabilty was tight obv we would be a little concerned, but this isn't the case with your app).

Try and relax ...... if you can x

Holly

JimmyTheWig

Have just re-read my post and it makes it out to be much worse than it is.

Basically I think that everything will be fine. I see no reason for those worst case scenarios to happen. Sorry if it comes across differently.

holly_hobby

JimmyTheWig wrote: »

Have just re-read my post and it makes it out to be much worse than it is.

Basically I think that everything will be fine. I see no reason for those worst case scenarios to happen. Sorry if it comes across differently.

I thought it was fine .. !

H x

Conrad

Lenders withdraw offers when clients take more debt, it happens all the time. Of course does as it's a material fact and also can indicate a propensity to more debbt and under FSA rules HAS to be accounted for if they happen to run another search. Likelyhood is they won't but anyone guranteeing the future is frankly a bit of a Doris Stokes

bailey2658

Thank you everyone for your advice and replies, I'm very happy to say that we have successfully exchanged and completed this morning so the house is all ours!!! Thankfully a happy ending this time, needless to say I shall not be so naive if i ever decide to move house again. Although fingers crossed that wont be for a very long time!

harvey115

Nice one, enjoy your new home.

The anxiousness and stress of house buying is so high up that throughout the process we have a fear of the deal falling through. Thank god it only happens in a minroty of the cases and majority of the cases have a very happy ending indeed. Such as yours and mine as well (end of last month).

JimmyTheWig

Good news, OP. Well done.

DebtFree2012

Congratulations - enjoy your new home