A mortgage offer can still be withdrawn after exchange – how to minimise the risk?

V_for_viennetta

Yes, it went smoothly, thanks.

V_for_viennetta

Thrugelmir said:

Options are available for people to mitigate their own risk , redundancy insurance being one.

Not quite.  Redundancy insurance helps you pay the mortgage if your job is made redundant, but it doesn't help in the slightest if the lender changes its mind between exchange and completion, leaving you liable to your seller - which was the point of the post.

Thrugelmir

V_for_viennetta said:

Thrugelmir said:

Options are available for people to mitigate their own risk , redundancy insurance being one.

Not quite.  Redundancy insurance helps you pay the mortgage if your job is made redundant, but it doesn't help in the slightest if the lender changes its mind between exchange and completion, leaving you liable to your seller - which was the point of the post.

For a lender to change it's mind there would need to be a material change in circumstances. Either those of the individual or something in the mortgage application that subsequently comes to light (i.e. fraud). Lenders don't change their minds without due reason. That's the bottom line. 
Your post is headed "how to minimise the risk". 

V_for_viennetta

Thrugelmir said:

Your post is headed "how to minimise the risk". 

Yes, how to minimise the risk that a mortgage offer might be withdrawn between exchange and completion. Redundancy insurance has nothing whatsoever to do with it, it does absolutely nothing to minimise that risk, as explained.