Mortgage offer changed last minute

MonkeyDr

I'm very pleased the OP has found a solution, and I hope that your vendors don't have any costs for delayed completion.

Agree that it sounds like it is HSBC are the ones who have let you down.

It's terrifying that a mortgage offer could be withdrawn between exchange and completion without any changes in circumstances etc. In most cases this would lead to bankruptcy, especially if a chain were involved.
Does anyone know how frequently this actually happens?

rl1991

MonkeyDr wrote: »

I'm very pleased the OP has found a solution, and I hope that your vendors don't have any costs for delayed completion.

Agree that it sounds like it is HSBC are the ones who have let you down.

It's terrifying that a mortgage offer could be withdrawn between exchange and completion without any changes in circumstances etc. In most cases this would lead to bankruptcy, especially if a chain were involved.
Does anyone know how frequently this actually happens?

It has left me on the brink. Had to move out my current flat and luckily living at my parents.
Most my possessions are in storage which isn't cheap....

Kynthia wrote: »

I can't see what your solicitors have done wrong and you need to pay for things they have paid out for. If you didn't understand that signing the contract and exchanging them meant yiu were legally obligated to buy, even if something should happen like losing your mortgage offer, then that's not their fault as it's common knowledge and info would have been on tge contract you signed.

From what you say HSBC have let you down terribly. Did you have an independent broker as I would expect them to have helped you more and to have tried to get HSBC to cover some of your costs. You could see if your solicitor would help with this too but as they also are looking out for the the lender's interests then perhaps it's a conflict for them.

The fee's we did pay i can understand. My main problem with them is they requested the funds on the day before and HSBC rejected it. This left us almost £300 in cancellations as this was the day before move in. Doing the same but its £400

The thing with the exchange. We never signed anything ? We signed a form with them at the start of the process for them to "act in our best interests" They sent us our mortgage offer from HSBC and asked us if this was ok to proceed and asked for the funds.
No contract. No Terms and conditions and defiantly not highlighter it was non refundable ?

AnotherJoe

Once this is done and dusted I'd add up the additional money you spent, post on their Facebook page, and if that doesn't result in compensation either take take them to court or see if you can get a newspaper interested in your case. Weekend versions of the Times,Telegraph, Mail all have financial columns that can provide help in these sort of circumstances. If you do that, only try one at a time dont shotgun them all.

rtho782

Why were they insisting on a structural report? This seems unusual.

I didn't think they could withdraw an offer unless there was evidence of fraud.