Shouldn't have searched 'mortgage withdrawn after exchange of contracts'

Thrugelmir

Kapaxiana wrote: »

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.

The process leading up to a mortgage offer is extremely thorough. Those that have offers withdrawn have in the main committed fraud i.e. lied or attempted to deceive. Hence why it's relatively uncommon.

Kapaxiana

having put it out there I do feel better now! Thank you!

Nat309

Hi All,

This is my first post so please be gentle.

We are hoping to move home so applied to port our mortgage (and top it up for a dearer property) with Natwest and have gone through the whole process and have been gone through the credit check etc and been approved and everything is currently going through the solicitors, but it has so far taken over 3 months. Last month my wife got a promotion with a £5,000pa (extra £250 pm) pay rise, also last month our car broke so we part exchanged it for a new one, with £7000 on finance (£152 pm). I obviously worked out that we could afford the new finance and still have more income than what we originally declared and didn't think any more about it.

We are now in a situation where we are nearly ready to exchange and after talking to a friend I am now worried that the Natwest could refuse to pay the mortgage amount after we exchange. After goolgling and reading forums it has just made me more worried.

I don't know what to do now. Any advice would be greatly received!!!

fforsythuk

Before exchange of contracts, your solicitor would have contacted your lender to make sure that everything is still in place and that funds will be available.

So if you have exchanged, you should be ok. You solicitor may well draw down the funds the day before completion too. Our solicitor did just that to ensure a quick and speedy completion on the day of the move.

Don't worry, carry on with the daunting task of packing, everything will be ok!