Can a mortgage offer be changed?

peanutjimmy

Hoping for some advice. I received a mortgage offer from Nationwide towards the end of the January. I am at the stage where the chain is more or less ready to exchange/compete (naturally COVID has put a hold on things). The offer is due to expire in July 2020, I did e-mail my broker regarding this, but no reply.

The question is, can Nationwide pull the mortgage offer or ask for more recent payslips before July 2020? The mortgage offer was based around OTE earnings etc, and the broker did explain that if we reapply after it expires then they may not accept OTEs etc as part of the salary.

Thanks for your help!

davidmcn

In theory yes, in practice they shouldn't (assuming the offer wasn't explicitly conditional on further things being submitted to them).

peanutjimmy

davidmcn said:

In theory yes, in practice they shouldn't (assuming the offer wasn't explicitly conditional on further things being submitted to them).

Thanks for the reply. As far as I'm aware, there were no further documents to be submitted etc. 

LRmortgage

Your broker should be speaking to Nationwide on your behalf and getting the offer extended. Some lenders are automatically extending offers by 3 months as per government guidance. Others need a form completed or a request from broker. 

peanutjimmy

LRmortgage said:

Your broker should be speaking to Nationwide on your behalf and getting the offer extended. Some lenders are automatically extending offers by 3 months as per government guidance. Others need a form completed or a request from broker. 

I thought the offer extension was only applicable if you had exchanged? My solicitor has requested that I exchange/complete on the same day in case any unforeseen circumstances arise.

wazza07

Our chain is in a similar position and we were ready to exchange/complete and then COVID-19 hit. Our mortgage offer expires at the end of May. We didn’t go through a broker so we’re going to ring Santander next week and hopefully get an extension. I’m just confused in regards to the 3 month extensions as I’m not sure if that only applies to those who have exchanged. 

[Deleted User]

Plenty lenders are asking for confirmation that circumstances havent changed.  It is entirely possible they will ask for further payslips to confirm your financial situation hasnt changed. 

A condition of the offer was to tell them about any material changes to your financial circumstances.  Lenders know that most people at the moment wouldn't volunteer the information so they are sometimes forcing the question