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New mortgages and the extra checks
Justin1970
Posts: 12 Forumite
I hear in the news that getting a mortgage is going to become harder from next week.
My situation is that I have exchanged contracts earlier this year after I was accepted for a Nationwide Mortgage on a new build property.
The mortgage fees have been paid and the offer has been issued and I am awaiting confirmation of when I can complete on notice from the builder, probably late June or early July.
Last I know nationwide are awaiting a Certificate on Title. Would these new rules come into play as monies have not yet been received and can the mortgage offer change as a result of extra checks now or do these new checks/rules only apply to brand new applications where offers have not been issued?
My situation is that I have exchanged contracts earlier this year after I was accepted for a Nationwide Mortgage on a new build property.
The mortgage fees have been paid and the offer has been issued and I am awaiting confirmation of when I can complete on notice from the builder, probably late June or early July.
Last I know nationwide are awaiting a Certificate on Title. Would these new rules come into play as monies have not yet been received and can the mortgage offer change as a result of extra checks now or do these new checks/rules only apply to brand new applications where offers have not been issued?
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Comments
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You will not be affected unless a major change is required which pulls you into the jaws of the MMR regime.
Increased mortgage amount, revised product etc.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 -
I asked similar question , I'm completing Wednesday but apparently this changes won't effect existing offers already issued x0
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