Mortgage offer withdrawn?

lozahill89

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 I was wondering how often mortgage offers get withdrawn between offer and completion?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

dunstonh

I was wondering how often mortgage offers get withdrawn between offer and completion?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

lozahill89

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

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.

amnblog

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.

lozahill89

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

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 I was wondering how often mortgage offers get withdrawn between offer and completion?

I worked for a big lender for 28 years, and the amount of times that an offer got withdrawn between offer and completion can be counted on the fingers of one hand......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

lozahill89

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