Advice needed! Mortgage offer reduced

barberry

Hi I am due to complete the end of this week my mortgage offer has been in place since July. i was told yesterdaay then my mortgage offer is reducing by £24000 because of a credit search for car finance on 6th dec. My partner already has a car loan for £320 pm and we are p/x this car for the new car which is £299pm. If I explain this and submit evidence to the mortgage company will they then reinstate my offer? If they don't will I lose my deposit?

[Deleted User]

You're not going to find out unless you speak to them.

And stop applying for new credit until, or if, you get the mortgage.

If you have exchanged but can't complete, you will be responsible for everyone's costs.

ACG

On your original application, it would have asked how long is remaining on the current car finance. If it was less than 6 or 12 months with some lenders, they may have ignored it.

You could do with speaking to the lender really.

If they fail to reinstate the offer you are going to need to find a new lender. Realistically you are not going to get an offer by Friday no matter how good the lender so you are potentially going to incur some costs. I would speak to your solicitor also once you have spoken to the lender.

If you used a broker, get them involved.