Accepting mortgage offer before my survey takes place?

hewhohuntselves

Hi,

I would appreciate some advice. I have received a mortgage offer which states that I have a week to consider it before I need to take a decision.

However, the survey of the house I am seeking to purchase is not taking place until a week after the mortgage offer deadline. I want to see that results of that survey, which could take a further 5 days to appear, before I commit to anything.

My question is - if I accept the mortgage offer now, am I bound to go through with it even if the survey throws something up? Obviously I suspect not as there is still the potential for the purchase not to complete.

Many thanks.

ThePants999

Exactly as you highlight - until you've exchanged, either side could pull out. If the house purchase doesn't go ahead, the mortgage company has no security for the loan they've given you, so it would be extremely silly to force you to go through with borrowing an enormous sum of money from them just because you said you would

hewhohuntselves

Thank you 👍🏻

BelowTheLine

As far as the mortgage offer is concerned, the only date you need to keep in mind is the Offer Expiry date mentioned on the offer (usually 3 - 6 months from offer).

hewhohuntselves wrote: »

Hi,

I would appreciate some advice. I have received a mortgage offer which states that I have a week to consider it before I need to take a decision.

However, the survey of the house I am seeking to purchase is not taking place until a week after the mortgage offer deadline. I want to see that results of that survey, which could take a further 5 days to appear, before I commit to anything.

My question is - if I accept the mortgage offer now, am I bound to go through with it even if the survey throws something up? Obviously I suspect not as there is still the potential for the purchase not to complete.

Many thanks.

davidmcn

hewhohuntselves wrote: »

I have received a mortgage offer which states that I have a week to consider it before I need to take a decision.

Are you sure that's what it says? Normally the offer is issued and it just sits there for months, during which time you can complete whenever you want. Never encountered one which required you to do something within a week.

kingstreet

Another HSBC pre-valuation offer?

hewhohuntselves

Hi.

The mortgage illustration states the following:

"You have 7 days from the date you receive this offer to reflect before committing yourself to taking out this Loan".

Is is indeed HSBC, but it's after their valuation.

hewhohuntselves

There is also a validity period until December...

davidmcn

hewhohuntselves wrote: »

"You have 7 days from the date you receive this offer to reflect before committing yourself to taking out this Loan".

It's just a (fairly pointless) "cooling-off" period, it doesn't mean you actually need to do something after 7 days.

LRmortgage

It actually means you have 7 days (from the offer date) cooling off period before you can actually draw down the mortgage. You can wave this if you want to complete within those 7 days. But it’s unlikely you are ready to move ahead that quickly anyway.