Mortgage-release of funds-Anxious Annie

Firsttimebuyer_25

Hello.

Just had the email from Nationwide

Good news, your funds will be released on....

Now I'm still over a month away from exchange, but I am insanely nervous about the offer being withdrawn for no reason (no credit problems, really positive affordability..)

How many more checks may I have?

Dribiddi

They have told you the funds will be released why are you worrying? Do you have something to hide you are worried will be uncovered? If not stop wasting your energy and get ready for moving 

Firsttimebuyer_25

Nothing to hide at all, just there are so many horror stories regarding lenders not being happy with properties etc and people only finding out on completion. It’s an anxious time and I was hoping this communication could mean I could finally get excited!

davidmcn

Firsttimebuyer_25 said:

Nothing to hide at all, just there are so many horror stories regarding lenders not being happy with properties etc and people only finding out on completion.

Please find us any example of a lender withdrawing a mortgage offer "for no reason". It doesn't happen.

Firsttimebuyer_25

There are loads! Banks unhappy with features of the house, or covenants on them. 

davidmcn

Firsttimebuyer_25 said:

There are loads! Banks unhappy with features of the house, or covenants on them. 

What "features" will they suddenly be "unhappy" about at this stage?

If a lender refuses to lend because there is something wrong with the covenants, that's because the solicitor has advised them not to lend (and has probably also advised you not to buy). But if funds are being released, the solicitor has already told them everything is fine. And it wouldn't be "no reason", it would be quite a good reason.

Firsttimebuyer_25

That’s amazing news then! Just found the whole process nerve racking and made the mistake of not going through a broker, so haven’t had the reassurance of what the different processes are!