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Is it common for a lender to pull a mortgage after exchange?!
Comments
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Tiger eyes..... Why did they revoke the offer if you don't mind me asking? Which lender was it?0
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Jellytot123 wrote: »Tiger eyes..... Why did they revoke the offer if you don't mind me asking? Which lender was it?
Halifax. The lease on the flat had a bit under 90 years remaining, which they knew from the beginning, but they decided to have a tantrum about it at the last possible moment. It probably won't happen to you, and if it does, you'll cope.0 -
Bless you, its such a stressful time. Glad it all worked out for you in the end.0
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In my many years of broking, it has happened just once to a client of mine due to an error on the part of the solicitor. It was rectified and back on track with a few days delay which caused a whole lot of problems but worked out eventually.
Is it possible? - yes. Would I worry about it? - no more than I would worry about being hit by a bus when leaving the house.0 -
I have had it happen once. This week in fact.
Client has exchanged on a newbuild but not yet completed. One of the pair works for Thomas cook.
Enough saidI am a Mortgage Adviser
You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
So sorry for your client losing their job at this time. Bless them.0
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haras_nosirrah wrote: »I have had it happen once. This week in fact.
Client has exchanged on a newbuild but not yet completed. One of the pair works for Thomas cook.
Enough said
How long do they have until completion date to get a new job? Almost any new job will do, I guess!No reliance should be placed on the above! Absolutely none, do you hear?0 -
As an update.
I have managed to get the mortgage offer reinstated even though it didn't quite fit the lenders affordability. PhewI am a Mortgage Adviser
You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
That's brilliant news!0
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