Is it common for a lender to pull a mortgage after exchange?!

Jellytot123

I'm literally driving myself insane stressing over something going wrong with our house purchase!
I'm a natural worrier and have been googling all sorts and it appears common that lenders pull offers after exchange??
We have a formal offer and have done since the beginning of August. Nothing has changed and no new cards/loans etc have been applied for (put £270 on existing credit card last week for a fee to solicitors) as it was before payday. Now I'm stressing this will have an adverse effect after reading all these posts!
I've checked my credit score and its gone up since mortgage was offered.
Am I worrying and running myself into the ground over nothing?

Finchy2018

I don't think it's common at all. I've read only a couple of threads this year where this has happened. Literally 2 tops, compared with the number of people who have successfully gone on to purchase. Unless you have taken new credit or lied in someway I don't think there is much to worry about!

(I do appreciate that is easier said than done!)

gj373

Yes I think you are worrying over nothing.

sal_III

It happens, but is not common. As long as there is no material change in your circumstances between exchange and completion. And no putting £270 on a cc is not a material change, especially if you repay it in full (you are doing that right?).

Your credit score is absolutely meaningless, it's a made up number that no lender is paying attention to.

The title says after exchange, but in the post you mention "We have a formal offer", There is massive difference between accepted offer and exchanged contracts.

Why on earth would you put £270 solicitors cost on a cc? If you are so skint that can't afford £270 solicitors costs before payday you are dangerously overstretched and need to review your finances urgently as home ownership is costly. You are worrying about the wrong thing.

Jellytot123

Nothing has changed other than me putting that £270 on at the end of last week on my existing card. Other debt was declared at application and wrote in that it would be settled using excess funds from mortgage as we are going to clear it with funds from mortgage.
My hubby said the same that people will always post horror stories and not when things have gone well!

[Deleted User]

It used to happen more often before offers became binding on the lender. They used to be able to change their criteria and apply it to current cases but cant anymore. Can only pull an offer if a serious material change or fraud is identified

Jellytot123

Sal_ll - we are not overstretched and have money behind us but we are trying to keep all funds available as we are due to exchange contracts this week and will then be paying the deposit. I've never missed a payment and of course, the card will be paid as usual. I meant we have the formal mortgage offer from the lender in my original post, not just a dip.

DigForVictory

Jellytot123 wrote: »

Am I worrying and running myself into the ground over nothing?

Very probably, but most FTBs do. Then they move in & come over a bit weak-kneed at the sheer cleaning and unpacking - and this is also Wholly Normal. (Very little Windolene, Jif & tea can't sort but there are those who swear by Vax, Makita and harsh language as well.)
You need a bracing solicitor's secretary who will scold you out of anxiety and tell you only when you Need to worry.

Failing that you have us - and we'll tell you to brew up, have a bit of cake & if not stop worrying then at least sit down and hydrate for a couple of minutes!

Jellytot123

We aren't ftb, this is the next stage on the property ladder for us as we are up sizing. The mortgage where we are now is just in my partners name as he was living here before I came along �� this is our 1st joint mortgage now though.
Our solicitor has been really good give them their dues and has kept us informed at all stages. We have heard today we are now ready to exchange and are just waiting to hear from buyers solicitor.
I've never personally had a mortgage before as before I was with my partner I rented so i guess it's more of a worry for me as its my 1st time!

ACG

In 7 years of being a broker, I have never known it to happen.

GDB2222

There are roughly 100,000 residential property purchases every month. How many cases of mortgage offers being withdrawn have you found?

You are definitely worrying too much about that. Worry about something else.