Mortgage offer!

Jamgeorge

Morning all

We have now received our mortgage offer in the post from nationwide and tells us it lasts for 6 months etc and says a copy has been sent to the solicitor. Before I ask the question my broker and the nationwide number isn’t open at the weekend so that’s why I’m on here. My question is, is this it now I can actually look at carpets etc I know I’ve got to exchange and complete etc etc but as far as credit checking and being allowed a mortgage is this it? Thanks a lot.

Jamgeorge

All the above is fine! I!!!8217;d never sleep if I had if lied. Thanks a lot for answering

Nebulous2

I don't agree with the previous post. Its always recommended on here not to take any more credit until you have completed. Lenders can check again before the money is paid out. There's a lot can happen in 6 months. So further credit checks or new accounts on your history can still cause problems in getting your mortgage.

amnblog

You can look at carpets as much as you want.

Dont apply for credit to purchase them without speaking with your Broker first.

kingstreet

Do nothing which results in a new hard credit search between application and completion.

Jamgeorge

Yes we have heard that too. Def won’t be doing any credit etc

butterflybook

i always recommend no further credit applications until after completion, the lender has the right to check if anything has changed and that can effect the application, wait until you complete then you can shop to your hearts content.

Mattmuzz

The house isn't officially yours until exchange, before then anything can happen. I would wait until you have exchanged contracts and handed over the deposit before committing to big purchases.

kingstreet

Mattmuzz wrote: »

The house isn't officially yours until completion, before then anything can happen. I would wait until you have completed before committing to big purchases.

Edited. Where new credit is concerned, it's completion. Exchange of contracts has no relevance to mortgage lenders and an offer can be withdrawn after exchange as easily as it can before!

Mattmuzz

kingstreet wrote: »

Edited. Where new credit is concerned, it's completion. Exchange of contracts has no relevance to mortgage lenders and an offer can be withdrawn after exchange as easily as it can before!

From what I understand this is in the very rare situation where a bank offering the mortgage discovers fraudulent paperwork or falsified information from the buyer. As long as everything matches up which it would if truthful information was given from the start then a bank would never have a reason to pull out after exchange.


It's like saying he shouldn't buy a carpet because the house might actually fall down in a year, very slim chance of it happening.

stevenhp1987

Mattmuzz wrote: »

From what I understand this is in the very rare situation where a bank offering the mortgage discovers fraudulent paperwork or falsified information from the buyer. As long as everything matches up which it would if truthful information was given from the start then a bank would never have a reason to pull out after exchange.

It's like saying he shouldn't buy a carpet because the house might actually fall down in a year, very slim chance of it happening.

Mortgage offers are based on your current circumstances - with no changes from what you told them to when you request the funds! If you purchase a carpet on finance that would affect your current circumstances. That means the offer could change, or be removed.

Yes its rare, but most people don't get new credit before the mortgage funds have been drawn down!

The best advice is not to apply for any credit until you have the keys in your hand. If you exchange, then apply for credit, you run the risk of the offer being amended/withdrawn which means you will lose your deposit and not have a house! A very expensive mistake that is easily avoided.