Mortgage lender exchange

stranger12

Hi all,

Mortgage aip received, applied , property valued and received firm offer

Now i am slightly worried as seen some horror stories of lenders pulling out or withdrawing their offer just before exchnage or even after

After exchange it will be a disater as I will need to pay fine and can be sued

If lender pulls out after exchange can i do anything about it?

My way around any issues was to ask my solicitor to get the fund before exchange and then exchange and complete on same day.

I have no reason to belive it will be withdrawed but you never know and on a house that is 400k, if exchanged my 10% deposit is lost!!

David_White

As long as you've been open and honest with your application there should be no cause for concern.

stranger12

I have been throughly but still lenders can flick, can't they?

BaileyMoselle

I had the same concerns. Buying a property is a lot about holding your nerve. I asked my solicitor about this possibility, after exchanging, and she said it was highly unlikely, and if it did happen, she would be asking questions about my credit history. The whole system would break down if a mortgage offer wasn't in fact a mortgage offer. Even so, I was still a little worried right up to the point of completion.

stranger12

Same and what happens when u exchange and they pull out

Who pays the fines ?

On 400k property the lender has lost u 40k

40k is the 10% and if seller sues you for more because of lendr fault what can you do?

I have looked at halifax and it looks like rather large number of cases for them to pull out even after exchange so give me the right to be very worried

Can solicitor ask for money pre exchange

Thrugelmir

Lenders will only withdraw the offer if there's a reason to. On the basis that you haven't lied and don't do anything daft prior to completion. Then anything else is just pure unnecessary speculation. Your destiny is entirely in your own hands.

stranger12

I understand and appreciate I may be overcautios but still it is better to be overcautios and play very safe than relax

Just google for the subject and you see many many stories of withdrawal with no reason

BaileyMoselle

stranger12 wrote: »

I understand and appreciate I may be overcautios but still it is better to be overcautios and play very safe than relax

Just google for the subject and you see many many stories of withdrawal with no reason

Try and avoid the googling thing. Yes I did the same. You are just fueling your anxiety. Once you exchange go home and break out the bubbly.

marsman802

stranger12, I've really enjoyed reading your other posts - quite enjoyed your bold approach

stranger12

It is bloody stressful so one has to be careful

Too many things to look out for

marsman802

Just get a good solicitor and they will keep you on the straight and narrow - remember you get what you pay for...