Mortgage offer withdrawn?

Hi guys,

Quick question... I was wondering how often mortgage offers get withdrawn between offer and completion?

Basically I have a credit card and have spent a fair amount on it since applying... no new credit applications and no late payments etc.

My credit score was previously amazing but I was wondering how much this increased credit usage will affect my score and increased the lender will reassess? It is around £3,500.

Thanks increased advance

Comments

  • dunstonh
    dunstonh Posts: 115,722
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    I was wondering how often mortgage offers get withdrawn between offer and completion?

    Not often but it happens. Some lenders may credit score/review an application if there has been a long gap or if there is a significant movement in their lending criteria.
    My credit score was previously amazing

    You wouldnt be able to tell if it was or wasnt.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • Thank you, We are borrowing way less than we were offered to begin with and we can more than easily afford to pay mortgage/bills along with paying back the credit card within two years so hoping it will be ok?:S I guess everyone panics until completion!
  • dunstonh
    dunstonh Posts: 115,722
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    Unless you were pushing limits and have made the situation worse, then I really wouldnt worry about it. Lending criteria is not that fluid at present (during credit crunch it was) and the vast majority will not withdraw if there has been no significant change. Not something you should worry about.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • amnblog
    amnblog Posts: 12,389
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    With our OP's situation this sounds like this will not be a problem given that they are not looking to borrow anywhere near their maximum affordability.

    Other viewers should note that heavy spending on credit during the application process is to be avoided as it can prejudice an application.
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, 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.
  • Thanks guys,

    Yes I would recommend nobody do this ad all I have done since is worry is isn't worth it.

    I just hope it doesn't affect me thus time bur I will be more careful in future.

    I will update if anything changes for those of you interested.
  • Goldiegirl
    Goldiegirl Posts: 8,805
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    lozahill89 wrote: »
    Hi guys,

    Quick question... I was wondering how often mortgage offers get withdrawn between offer and completion?

    I worked for a big lender for 28 years, and the amount of times that an offer got withdrawn between offer and completion can be counted on the fingers of one hand...... And they were fraudulent applications.

    So it is very, very rare.

    Even so, it's wise not to rack up additional debt between offer and completion, especially if you know you are borrowing the maximum available to you. There's an outside chance that a person may need an amended offer, and the 'system' would re-assess you when the amended offer was requested.

    But from what you've said in your posts, I think your risk is so tiny, it's not even worth thinking about
    Early retired - 18th December 2014
    If your dreams don't scare you, they're not big enough
  • Thank you so much Goldie girl!I know I have been stupid and I am not spending any more on the card now.

    I may even do a balance transfer to a better card one I have been in the house a few months to see if I can cut the debt.

    Thanks again for your replies, my mind is a bit more at ease now ;)
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