Worry wort post ! Have exchanged can mortgage offer be withdrawn

House.buyer.sarah

I have had a hell of time getting to this point , so anxiety through the roof at the moment .....
I've finally exchanged contracts with my buyer / seller , everything in place for completion on the 30th of April. My mortgage offer is from halifax, but after googling ( bad I know)I've read horror stories of offer been withdrawn after exchange. !!! I would be homeless arghhhh !.
I'm just wondering if before exchange solicitors check with bank for go ahead first, ? And if not does drawing down mortgage offer kind of makes halifax double check before handing over funds to complete?.
Is this at all common or rare event ?
I'm probably after reassurance more than not ha but I'm aware this can be an unlikely possibility but there none the less... I'm sat packed up and could have nowhere to go !!!
Anyway nothing has changed from mortgage application infact paid off car loan few weeks ago .
Any advise or mind putting at rest please , is it normal to now worry about something else going wrong at this stage , has anyone else worried ??
Thanks sarah

sulphate

Yes, it is possible for the mortgage lender to withdraw the offer just prior to completion. But this tends to happen only when the buyers have gone and taken out loans or cc debt to pay for fabulous new furniture (for example) since they applied for the mortgage, and therefore no longer meet the criteria.

Sounds like you haven't done this (in fact by paying off a car loan you have now improved your position) so I'm sure you have nothing to worry about.

I didn't rest until completion day either

Jack_flash_2

The mortgage offer can be withdrawn at any point up to completion. It is unlikely but it does happen.

ging84

My offer was with halifax, it was a new build so a long period between exchange and completion, we took out a fairly large loan to pay off our car loan and some credit cards during this period, halifax clearly picked up on this loan, unsurprising as it was with lloyds who are of the same group.
They didn't withdraw the offer, they did however increase the term of the mortgage to reduce the monthly payments, the broker said if we went through it with them and could show we had paid off a loan with the same monthly payment as the one we took out as well as paying off some credit cards they would likely allow us to go back to the original term as our affordability calculation would be higher not lower, but we were actually happy with the new lower monthly payments so kept it as it was

House.buyer.sarah

So I'm probably getting knickers in a knot over nothing then hopefully , it was stated in my mortgage offer to pay off car loan and a bank loan but have said I could pay off on completion my solicitor will pay these off with funds left over from house sale , but like I say I already paid the car loan before even exchange and bank loan less than it was at mortgage offer as payments have been made x

FireWyrm

Yes. You are probably worrying over nothing. Just dont take out any additional borrowing, for any reason. Sit tight, head down and get the completion over with.