Advice on mortgage offer when buyer pulls out

Peter74

Hi there,

Can anyone out there answer the following please?

If my buyer pulled out just before I received a mortgage offer, am I able to lock in that offer for a period of time whilst I go back onto the market and find another buyer?

Thanks

GixerKate

in a word - yes.  Your mortgage offer is for the property you are buying not the one you are selling.

Peter74

GixerKate said:

in a word - yes.  Your mortgage offer is for the property you are buying not the one you are selling.

Thanks.  I just wasn't sure whether the offer remained valid whilst my own property was no longer under offer.  

Lucielou1

This has just happened to me. Now we have a new buyer I contact NatWest to change offer amount and needed to borrow little bit more and negotiated the house we are buying price. They allowed us to keep same mortgage rate as it had gone up! Offer had to be pulled back and changed made, it’s gone back to underwriter so just waiting for the offer to be confirmed again. 

Peter74

Lucielou1 said:

This has just happened to me. Now we have a new buyer I contact NatWest to change offer amount and needed to borrow little bit more and negotiated the house we are buying price. They allowed us to keep same mortgage rate as it had gone up! Offer had to be pulled back and changed made, it’s gone back to underwriter so just waiting for the offer to be confirmed again. 

I can understand if the loan amount has to be changed that it will need another stamp of approval.  

Thrugelmir

How long is the offer valid for? Time is now ticking away. 

Peter74

Thrugelmir said:

How long is the offer valid for? Time is now ticking away. 

No idea.  I didn't receive it, but am expecting to imminently.  My buyer however, pulled out this morning.  Are there normally set deadlines?