Mortgage company pulled offer

onthemend88

@Mr87

I really don't know what I would do if our offer was pulled so really feel for the OP and hope once this is all over, they get their offer. 

NDTNewbie

Do you think I should email the Building Society or wait until the lockdown is over and speak with our Mortgage Advisor?

Thrugelmir

Mr87 said:

onthemend88 said:

NDTNewbie said:

had a mortgage offer on paper and paid the acceptance and valuation fee (they are refunding that). Everything was going ahead until yesterday then had the dreaded call. We bought the property for 240k and put down a 20% deposit but we’re not FTB’s. 

It sounds like the offer was subject to a valuation and because valuations aren't being done at the moment, your offer was pulled. 

Sounds plausible! I personally would still be annoyed about the offer being pulled - like I said, it would make more business sense to simply say the offer had been put on hold. Lenders will lose business this way in the long run.

Companies are putting the welfare of their employees and vunerable customers before new business. 

Mr87

Thrugelmir said:

Mr87 said:

onthemend88 said:

NDTNewbie said:

had a mortgage offer on paper and paid the acceptance and valuation fee (they are refunding that). Everything was going ahead until yesterday then had the dreaded call. We bought the property for 240k and put down a 20% deposit but we’re not FTB’s. 

It sounds like the offer was subject to a valuation and because valuations aren't being done at the moment, your offer was pulled. 

Sounds plausible! I personally would still be annoyed about the offer being pulled - like I said, it would make more business sense to simply say the offer had been put on hold. Lenders will lose business this way in the long run.

Companies are putting the welfare of their employees and vunerable customers before new business. 

Companies can put welfare of employees and customers first by simply putting things on hold. I agree valuations can't take place right now, which is why I say 'on hold'. Withdrawing an offer takes this a step further than necessary. 

[Deleted User]

How did they withdraw an offer if you never had an offer in the first place?

You've said they were still assessing the case so therefore you didn't have an offer. 

Am I getting mixed up with all the people posting?

Did you have a formal mortgage offer that they have pulled? (bad)
Or did you have your application in progress cancelled/put on hold? (understandable) 

Thrugelmir

Mr87 said:

Thrugelmir said:

Mr87 said:

onthemend88 said:

NDTNewbie said:

had a mortgage offer on paper and paid the acceptance and valuation fee (they are refunding that). Everything was going ahead until yesterday then had the dreaded call. We bought the property for 240k and put down a 20% deposit but we’re not FTB’s. 

It sounds like the offer was subject to a valuation and because valuations aren't being done at the moment, your offer was pulled. 

Sounds plausible! I personally would still be annoyed about the offer being pulled - like I said, it would make more business sense to simply say the offer had been put on hold. Lenders will lose business this way in the long run.

Companies are putting the welfare of their employees and vunerable customers before new business. 

Companies can put welfare of employees and customers first by simply putting things on hold. I agree valuations can't take place right now, which is why I say 'on hold'. Withdrawing an offer takes this a step further than necessary. 

Offers are time limited. Only one part of what is often a drawn out process. Further lock down measures shouldn't come as a surprise. All of which is going to cause delays. 

NDTNewbie

Hi all,

just an update, had a call from our mortgage advisor and they’ve reactivated our application. It was due to them being inundated with calls about payment holidays, etc. All is going ahead pending a valuation, but our offer for accepted 15k below asking price. Fingers crossed