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HELP! Mortgage was accepted, now rejected

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Comments

  • Yorkie1
    Yorkie1 Posts: 12,258 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    Lenders can pull a mortgage offer at any point up to completion, even after exchange.

    You frequently won't find out why something unpredictable happens such as yours.

    Put CW behind you and go to another broker fast as already advised.
  • redonion
    redonion Posts: 215 Forumite
    Yorkie1 wrote: »
    Lenders can pull a mortgage offer at any point up to completion, even after exchange.
    Yikes, what do you do about it if they pull after exchange? Find another mortgage or get sued by the vendor?
  • Yorkie1
    Yorkie1 Posts: 12,258 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    redonion wrote: »
    Yikes, what do you do about it if they pull after exchange? Find another mortgage or get sued by the vendor?

    Yes :eek: (it's pretty rare though!)
  • redonion
    redonion Posts: 215 Forumite
    Yorkie1 wrote: »
    Yes :eek: (it's pretty rare though!)
    What are the most common reasons for it? I'm keen not to be one of the rare cases.
  • kingstreet
    kingstreet Posts: 39,343 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Case pulled for routine audit when the solicitor forwards the certificate of title to request the mortgage funds for completion.

    Audit involves new credit checks and any new credit searches and/or new credit commitments in the interim, tip the case from "pass" to "fail" and the offer is withdrawn.

    It's one of the reasons you're always advised not to apply for any new credit between mortgage application and completion.

    TBH any change in circumstances can trigger this, but new credit is probably the most frustrating.
    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.
  • SolemnSolitary
    SolemnSolitary Posts: 42 Forumite
    Seventh Anniversary 10 Posts Combo Breaker
    kingstreet wrote: »
    Case pulled for routine audit when the solicitor forwards the certificate of title to request the mortgage funds for completion.

    Audit involves new credit checks and any new credit searches and/or new credit commitments in the interim, tip the case from "pass" to "fail" and the offer is withdrawn.

    It's one of the reasons you're always advised not to apply for any new credit between mortgage application and completion.

    TBH any change in circumstances can trigger this, but new credit is probably the most frustrating.


    This is really concerning. because this could happen now with the new mortgage we applied for.

    Between the original approval and now (for the first mortgage) we have not applied for credit or had any change what so ever in our circumstances, I have check both our credit reports and they are the same they were three months ago...
  • kingstreet
    kingstreet Posts: 39,343 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    We've had perhaps one instance of this in the last couple of years. If it was a bigger problem, there would have been more examples on here, I'm sure.
    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.
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