HELP Mortgage offer withdrawn after exchange

haras_nosirrah

if the broker can't find another lender then sell the car, and repay the loan and get evidence it has been paid off then appeal to the lender.

They may not go for it as they may believe you will take finance straight out again but it is worth a try.

Who is the lender?

JasonHand

I hope the OP doesn't mind me asking another question on this particular subject.

I'm due to complete on 10th December. Now I'm currently in a house where we are on a prepayment meter for our utilities. I'm in rented at the moment and it had the prepayment meter before I moved in so I just carried on using it.

Now when I move I will want to have a proper account. Am I safe to apply for a new account with say British Gas? I'm pretty sure the utility companies do a credit check before setting one up but its not really a credit line is it

kingstreet

Do it after completion.

Take your meter readings on day one, wait for the present supplier to write to you, then do your switch noting the readings at that point and when the new supplier asks.

Don't have any credit searches until after completion. It's not the credit, it's the simple impact of a hard search on your credit record at the wrong time.

minimike2

financegeek wrote: »

This isn't quite right (to my knowledge anyway!) most lenders have a max loan to income criteria (usually based on gross income) but the application also needs to fit to their affordability criteria, which is essentially income minus outgoings plus a margin for rate increases etc.

You would need to pass both tests to qualify for the mortgage. it seems as though your application was tight and taking out finance for the second hand car tipped you into the mortgage being unaffordable.

had your broker seen if the mortgage fits on affordability with any other lenders? or could you repay the car finance even if it means borrowing money from a family member? or selling the car?

making sure you can complete is what's most important now, even if it means getting public transport for a few months

You were both right.

amnblog

We tell our Clients on offer

It is important that in the period before you draw down your mortgage funds you pay particular attention to your financial position.

You should avoid:
Changing employment
Taking new credit
Late or missed payments on existing credit

An unhelpful addition to your credit file may cause your Lender to rescind their offer.

csgohan4

amnblog wrote: »

We tell our Clients on offer

It is important that in the period before you draw down your mortgage funds you pay particular attention to your financial position.

You should avoid:
Changing employment
Taking new credit
Late or missed payments on existing credit

An unhelpful addition to your credit file may cause your Lender to rescind their offer.

should also add, if the mortgage offer is withdrawn due to the above, they may charge extra for another application to be made