In process of mortgage application - can it be taken away from me?

Unicorn1721

Hello. First time buyer and also new to MSE and money saving in general.

I had an offer accepted and mortgage illustration five weeks ago but my lender won't give offer until my seller provides a report which he is having trouble producing. I threatened to pull out last week and got a reply to say he will produce it ASAP.

Putting that aside, I wondered where I stand on the offer and interest rates. Will I get what the mortgage illustrated five weeks ago or can this be changed for better or for better or for worse?

And will they run another credit check on me seeing it has been so long since this application started? Nervous as I've just put my sisters wedding holiday on card. Will be paid off by sept but means card is 1k higher.

To complicate matters further this is my second mortgage application within six months. My first offer wash accepted and my mortgage was given immediately but then my seller messed me around for four months, telling us she had certificates she didn't and missing appointment so or inspections etc. My mortgage advisor told me not to worry That I could make an offer on a second offer on another property within my original mortgage offer boundaries And that it would not require a new application. I asked her to check this and she said it was fine. So I pulled out of the first purchase and had my second offer accepted.

Ten days later my mortgage advisor called to apologise that she was wrong. My particular product meant a new application. The second application went smoothly until lender pointed out a £2k retention subject to a damp specialist report being provided by seller. My mortgage advisor seems to think I will get the mortgage once report confirms the work was completed for the retention issue.

But as I'm watching things unfold in economy I am wondering if my mortgage offer can be pulled or my interest illustration changed either by lender or , if no threat of third credit check, from me.

I can afford the mortgage at current offer if it does go go through but if I could get it for less I could pay over even more than I planned.

Anyone know?

mrginge

Unicorn1721 wrote: »

And will they run another credit check on me seeing it has been so long since this application started? Nervous as I've just put my sisters wedding holiday on card. Will be paid off by sept but means card is 1k higher.

Well that was a bright idea wasn't it.

Unicorn1721

Well that was a bright idea wasn't it.

Actually, my first offer was accepted in February and I was supposed to be moved in by now. The wedding is set for a certain date I had worked out this is how I would afford it, taking into account the lawyers fees etc that I've put money aside for. . I've been incredibly unlucky and I'm doing what I can to sort it out. I've acted on advice from my advisors which hadn't planned out and twice in a row I've got stuck with sellers who are not organised. Forgive me for being worried and looking for help in what I thought was a safe place. Perhaps that was the "not very bright" thing.

amnblog

Lets look at one thing at a time.


If your vendor is hesitating on getting an Timber and Damp report it may simply be that they have got cold feet about the sale and don't want to spend the money. Unfortunately, this does happen in our market and you should thing about given your vendor a firm deadline to sort this.


Can you keep the same product, this depends on the lender, the product, and the product type, so no easy answer.


Some lenders let you keep the product if you change property. Some do not. Some products can be used within 6 months, some a lot less. Speak to your adviser about this one.


If your concern is recent turbulence in the market and ending up with a higher rate, that seems unlikely if you complete in the next few weeks.


The £1K extra on the card should only be an issue if you were very tight on affordability. Presumably, you would not be paying for your sisters wedding expenses if you were.

Unicorn1721

Thanks amnblog, much appreciated.

I'm good on affordability and happy with product. Pity my mortgage advisor gave me incorrect advice though. And my lawyer. Who told me I could hand in my notice on the first one because we were days away from completing. Now I'm living in a friend's living room after that fell throigh. And if this does complete I will have to find a new place to live. Which will of course affect my credit application.

Thanks for suggestion on deadline for report. I'll speak to my solicitor.