Shouldn't have searched 'mortgage withdrawn after exchange of contracts'

Kapaxiana

As title says !

A few years ago being young and stupid I went into default with credit card and college. All paid off over 3 years ago.

Then by a very silly mistake I had a default 19 months ago for £100 which was cleared the moment I received the letter with the default.

Have not had any problems since and took a credit card a year ago that has been used wisely paying off every month to build my credit history. My hysband's credit history is squeaky clean with outstanding payment history.

Last year had 3 mortgage declined (understandably as default was recent and had no credit card). In October was recommended a broker who got us an AIP with natwest, 6 weeks later we hog the mortgage offer.

Fast forward we exchanged last week and are dye to complete in 10 days. Natwest requires 7 working days between exchange and completion.

Now after reading about mortgage withdrawn aftrr exvhange of contracts it totally burst my bubble and I'm worried something may go wrong.

nidO

As long as you were honest with the info you gave your broker and nothing about your finances has changed dramatically since Natwest made their offer you should be fine, as they'll already have made their offer based on your defaults.

Rollinghills

In the mortgage offer it says when they can withdraw the offer - a significant change in your circumstances, something going wrong with the house (I imagine flood, fire etc) or fraud. I wouldn't worry. As a precaution don't apply for new credit, don't be late on payments etc.

ACG

In 2-3 years of being a broker I have never had an offer being withdrawn.

Yes it happens, but so does being run over by a bus. Dont worry about it, if the problem arises your broker can find another lender.

There is nothing wrong with natwest, I use them fairly regularly but they are not the most flexible when it comes to defaults so if they pull the offer there will be other lenders im sure.

amnblog

Even brokers with twenty years of experience may not have seen an offer withdrawn last minute.

It hardly even happens and would not be down to a lender simply 'changing their mind'.

You are worrying about nothing.

Kapaxiana

Thank you for your replies. Nothing has changed since we got the offer and all was out there from the start. I have pay every bill in full on time every month as I learnt my lesson!

Unfortunately now I planted the seed and will only be able to relax once we complete. It took 8 months of heartache to finally get an offer so I just hope my solicitor/broker did everything right.

amnblog

The problem is in your head only.

It does not exist in reality.

Teaandtoast0124

I am in the exact same position as you. Waiting for a new build to complete. But I applied with no debt. But have put 3k my credit card for house purchases. Worried they will pull the plug. And credit refrence agency's can take months to update my own silly mistake

ACG

Not wanting to worry you teaandtoast but im not sure your in the same position. Unlike the original poster their situation is the same as application stage.

Yours is not. £3k maybe a big deal, it may not - without knowing more its impossible to say but I think you have a higher risk of your offer being pulled or altered (ie a reduced amount).

Why would you not take the things back and reduce your balance until completion?

Teaandtoast0124

Oh great I don't have a balance on them now. Just my credit file will not update in time. I use my credit card all the time so I have all Diffrent balances on them

ACG

Oh, if the balance has been paid off then dont worry.

Worse case scenario is that the lender will question it. You can get a statement to evidence the balance is £0.