Mortgage company pulled offer

NDTNewbie

Well we had the dreaded call that Dudley Building Society have pulled our mortgage offer for the property we had an offer accepted on. Hopefully we can pick this back up when everything returns to some normality. 

Has anyone experienced a drop in house prices with the world markets tumbling? 

The house we found was on for 255K and we had an offer of 240K accepted. Wondering when it all picks up whether to lower my offer to around 230K? 

lspell1

Are you worried about being able to get another Mortgage or just saving yourself 10k on the purchase price?
I'd be more worried about the Mortgage

csgohan4

Wonder if the vendor will not entertain any more bids from you, how much is the house worth to you to gazunder?

Why did the mortgage offer get pulled? was there a change in your circumstances? Or they made the decision irrespective of you

NDTNewbie

Hi, we were told that due to the current situation that Dudley is shutting up shop for the foreseeable and we could pick it up once the lockdown situation is lifted. We had the mortgage accepted but then they pulled it. I’m be heard that this has happened to a few other people also. 

ACG

NDTNewbie said:

Hi, we were told that due to the current situation that Dudley is shutting up shop for the foreseeable and we could pick it up once the lockdown situation is lifted. We had the mortgage accepted but then they pulled it. I’m be heard that this has happened to a few other people also. 

Its "good" to hear about these situations. Another lender did this recently, albeit a specialist lender. 
Guess which lenders we wont be entertaining when the market returns. If you have a mortgage offer, they should be honouring it. 

I know I am not the only broker to have that opinion. 

NDTNewbie

I’m just hoping it doesn’t have such an economic impact on Dudley that they pull the offer completely. I get paid in a foreign income and have had issues in the past, so they were my only option. 

ACG

NDTNewbie said:

I’m just hoping it doesn’t have such an economic impact on Dudley that they pull the offer completely. I get paid in a foreign income and have had issues in the past, so they were my only option. 

Have they pulled your full mortgage offer or just put a hold on your application? There is a pretty big difference. 

JustJane101

ACG said:

NDTNewbie said:

Hi, we were told that due to the current situation that Dudley is shutting up shop for the foreseeable and we could pick it up once the lockdown situation is lifted. We had the mortgage accepted but then they pulled it. I’m be heard that this has happened to a few other people also. 

Its "good" to hear about these situations. Another lender did this recently, albeit a specialist lender. 
Guess which lenders we wont be entertaining when the market returns. If you have a mortgage offer, they should be honouring it. 

I know I am not the only broker to have that opinion. 

😪😪 it's not "good" for us guys anxiously waiting mortgage applications to go through! Lol 

ACG

JustJane101 said:

ACG said:

NDTNewbie said:

Hi, we were told that due to the current situation that Dudley is shutting up shop for the foreseeable and we could pick it up once the lockdown situation is lifted. We had the mortgage accepted but then they pulled it. I’m be heard that this has happened to a few other people also. 

Its "good" to hear about these situations. Another lender did this recently, albeit a specialist lender. 
Guess which lenders we wont be entertaining when the market returns. If you have a mortgage offer, they should be honouring it. 

I know I am not the only broker to have that opinion. 

😪😪 it's not "good" for us guys anxiously waiting mortgage applications to go through! Lol 

I could not think of a better word which is why I used the speech marks. 
Useful might have been a better word or maybe "not good". 

But it seems the offer has not been pulled, just the application put on hold, which is very different and to be expected. 

Firsttimebuyer_25

Where were you in the application stage?

JustJane101

I could not think of a better word which is why I used the speech marks. 

Useful might have been a better word or maybe "not good". 

But it seems the offer has not been pulled, just the application put on hold, which is very different and to be expected. 

Do you think this is likely to happen to everyone? My job is 100% secure (Military). I was expecting to have an answer yes or no last Friday, but this wednesday they asked for a new copy of payslips because they couldn't read the ones I had uploaded, which makes me think that they've not properly assessed my case almost a month on. They said because I've gone to Forces Help to Buy this has reduced the amount I can borrow (so now need to pay more upfront) Going with Kensington.