Anyone had their mortgage offer cancelled?

DianaMattos

Hello,

Just been reading the news, and although I know you shouldn't believe everything you read, an article about mortgage offers being cancelled after the contracts have been exchanged is worrying me a little.

We are taking out a new mortgage before selling and thus redeeming our old mortgage. We have a bridging loan for the deposit for the new place, and are currently waiting on RBS to give us a formal mortgage offer. The mortgage valuation came back fine last week, and RBS said that they would call us early this week at the latest to make the offer and do some final checks.

I am concerned that RBS will not lend us the money, even though we have a)proved that we can repay the money and b) have jumped through all the hoops they have put in our way thus far. If that happens after exchange, we lose our deposit and end up being in breach of contract.

So, what I really want to know is, is this cancelling of formal mortgage offers actually happening, or is it scaremongering in the press?

Thanks,

Di x

kissingthepink

This is very worrying for me as I have just received an offer for a buy to let mortgage from Abbey, but I have not heard of banks withdrawing offers before reading your post. Do you have a link to this article?

poppy10_2

Thousands of home-buyers face the threat of having their mortgage offers snatched away days before moving in, legal experts warned last night.

theGrinch

i had a client see his commercial mortgage offer clipped from 80% to 70% by HBOS