mortgage offer withdrawn

ppoppins

We reserved a new build in December. Applied for a mortgage with our current lender. We received formal offer valid for 6 months. We need a 2 week extension to cover builders long stop date, just in case. Our FA contacted lender to confirm. At this point lender pointed out our offer had been changed to application status and they needed bank statements again,.and wanted to.reduce the term by a year. Our original offer is still valid for 2 months. On further investigation it appears our solicitor wrote to our lendet to inform them ofthe postal address of the property, as opposed to the plot details lender wrote to solicitors confirming receipt and that they were "happy to proceed" (this letter was apparently a mistake) This apparently is enough for our lender to warrant full credit searches again. My partner and i have paid off some credit since our initial application (not through windfalls but by income and savings). Our credit scores have gone up because of this, but financially our situation is still the same. We have not taken out any further credit. But because of this change, even though its positive, our offer is withdrawn. They are a main high street lender. Had we not needed to extend the validity period we may well have not found out about this until completion. And even though they have told us verbally, they seem reluctant to put any of this in writing. We now cant exchange. Our offer states that it can be withdrawn if there is a material change to our personal or financial details or the property, we have provided false information or our solicitors have come across a problem with the property. Our FA and solicitors are really confused by it also. Please help!!

amnblog

Your financial adviser should be managing this situation.

Has an alternate lender been suggested?

Teaandtoast0124

Who is the lender??

ppoppins

Thanks for the reply. I would rather not say who the lender is whilst this is still unresolved but they are a well known building society. Our IFA has not been any help, and simply acts as a relayer of info. We have contacted the lender directly to verify what the IFA are saying. The lender is saying our offer hasn't been withdrawn per se, it has just gone back to application stage (??!!!!!). we need to submit 3 months bank statements and the underwriters will make a decision, if they agree to continue with our offer it will still expire at the end of June, as originally planned. If they decline it we have no mortgage. We are currently a mortgage customer of theirs!! They don't know we haven't exchanged and because they didn't tell anyone our solicitors are not aware of any issues. We have an offer which guarantees us the mortgage. There are clauses which say it may be withdrawn. So to me, its black and white, either the offer is withdrawn or it isn't but the lender seems to have made up their own shade of grey and just invented some conditions. Please, any advice would be great!! Also even though we want the mortgage to start and end at the same time, because i had a birthday in January and the original application was in December they want to reduce the term by a year. This makes no logical sense, nothing has actually changed!

Contemptuous

ppoppins wrote: »

Also even though we want the mortgage to start and end at the same time, because i had a birthday in January and the original application was in December they want to reduce the term by a year. This makes no logical sense, nothing has actually changed!

Yes it has. You're a year older now than when you started the application.

haras_nosirrah

i think I can guess this is a high street lender beginning with H

if that is the case they seem to have an issue going beyond 65th birthday in which case you having a birthday will reduce the term offered by a year.

your fa needs to sort this - get onto them

Teaandtoast0124

haras_nosirrah wrote: »

i think I can guess this is a high street lender beginning with H

if that is the case they seem to have an issue going beyond 65th birthday in which case you having a birthday will reduce the term offered by a year.

your fa needs to sort this - get onto them

A building society begining with a H?

haras_nosirrah

doesn't say building society

says high street lender

Contemptuous

haras_nosirrah wrote: »

doesn't say building society

says high street lender

See post #4

haras_nosirrah

fair play - this is the type of stunt halifax normally pull

same still applies though - if you have now had a birthday they will be assuming that the same term as you had before now goes into retirement age so you will have to reduce the years

sussexbhoy

haras_nosirrah wrote: »

fair play - this is the type of stunt halifax normally pull

same still applies though - if you have now had a birthday they will be assuming that the same term as you had before now goes into retirement age so you will have to reduce the years

How, if the start and end date are the same? Where is the OP's age even mentioned?