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

Jellytot123

Thanks all. Everyone keeps telling me nobody will say when things go well and like you says thousands go through and people will post when there's problems. I'm just a worry wort and always think too much. Guess with being stung twice before it's playing on my mind and worse now we have 2 babies to think about too!

[Deleted User]

It happened once to me in my whole career. Nationwide pulled offer day before completion. From memory it was about a CCJ picked up but it was the dads who had same name at address. Shouldnt have happened as dates of birth obviously wrong. Managed to get it reinstated after a lot of phone calls and bdm support and luckily it was chain free purchase of an empty property so vendor was very very understanding and we completed a few days later

So in my career that puts it at less than 0.1% of cases it has happened in.

GDB2222

Deleted_User wrote: »

It happened once to me in my whole career. Nationwide pulled offer day before completion. From memory it was about a CCJ picked up but it was the dads who had same name at address. Shouldnt have happened as dates of birth obviously wrong. Managed to get it reinstated after a lot of phone calls and bdm support and luckily it was chain free purchase of an empty property so vendor was very very understanding and we completed a few days later

So in my career that puts it at less than 0.1% of cases it has happened in.

That makes a big difference. The costs in being late completing with a big chain must be pretty significant, with people staying in hotels, furniture in storage, etc.

We have just had a buyer not completing, and our solicitor said he had not had that happen before in his entire career.

[Deleted User]

GDB2222 wrote: »

That makes a big difference. The costs in being late completing with a big chain must be pretty significant, with people staying in hotels, furniture in storage, etc.

We have just had a buyer not completing, and our solicitor said he had not had that happen before in his entire career.

My favourite one was when I first started as a broker and the conveyancer put the date wrong in his diary and just forgot to send the funds. Got to like 4pm before he realised. Again, luckily everyone was fairly understanding and the whole chain still completed apart from 1 FTB who stayed in a hotel over the weekend and all the funds were moved on Monday


I've had 1 failure to complete for a client who just changed his mind and disappeared off the face off the earth. Solicitor held the funds for 3 weeks before sending them on to the vendor

Smellyonion

Still don't understand why you put the £270 on credit cards... that will flag on the next credit check.


It is extremely unlikely it would effect anything but when even accept the slimmest of possibilities?

amnblog

Twice in the 17 year history of our Brokerage.

In both cases we got the offer reinstated

Jellytot123

It was a quick decision and 1 which I'm now flapping over and regretting. I'm hoping the fact nothing else has changed and no new credit has been applied for it will be OK which is why I was asking as I know there are brokers on here. Our broker is currently on holiday for another week or I would have checked with him.

[Deleted User]

Jellytot123 wrote: »

It was a quick decision and 1 which I'm now flapping over and regretting. I'm hoping the fact nothing else has changed and no new credit has been applied for it will be OK which is why I was asking as I know there are brokers on here. Our broker is currently on holiday for another week or I would have checked with him.

credit cards are a type of revolving credit. Even when you did the original application the balance the lender saw on reports would be different to the balance you saw on your online banking. It is always going to be wrong. Loads of people put thousands on their cards and then clear them each month and it has never been an issue before.

If you have a very large balance and then open a new card to do a balance transfer it can sometimes show as double the debt on the reports. This would be the only time I would ever concern myself with a changing credit card balance

Jellytot123

No it's less than £3000 on there and was declared at application. I'm certainly not opening any cards of any kind as when the funds from the mortgage come through it will be cleared in full anyway. Thank you for reassuring me.

tiger_eyes

When I bought my flat, the mortgage company revoked their offer on the day we were supposed to exchange and complete. Then they changed their mind and sent the funds, but then they recalled the funds again. Then they sent the funds again, but the conveyancer forgot to pay the funds in time to complete the purchase. Stressful few days, but it all worked out in the end.