Anyone had further info requested after mortgage offer?

ScottL45

Hi there.  Just wondering if any brokers or anyone else out there has had any further hoops to jump through after receiving their mortgage offer.  All set to exchange next Friday with completion the following Friday and starting to get anxious as I'm buying by far the most expensive property at the end of chain.  Through reading various stuff, I now understand that I'm still liable even if there are mortgage offer withdrawals from anybody down the chain from me.  I wanted to exchange and complete simultaneously but I was own my own there.  Just wondering if this sort of thing happens and specifically after exchange?  Silly question but I take it lenders are aware when buyers are exchanging?

Thanks

davidmcn

ScottL45 said:

Silly question but I take it lenders are aware when buyers are exchanging?

No, lenders aren't involved with exchange. It's just a contract between the buyer and vendor.

K_S

ScottL45 said:

Hi there.  Just wondering if any brokers or anyone else out there has had any further hoops to jump through after receiving their mortgage offer.  All set to exchange next Friday with completion the following Friday and starting to get anxious as I'm buying by far the most expensive property at the end of chain.  Through reading various stuff, I now understand that I'm still liable even if there are mortgage offer withdrawals from anybody down the chain from me.  I wanted to exchange and complete simultaneously but I was own my own there.  Just wondering if this sort of thing happens and specifically after exchange?  Silly question but I take it lenders are aware when buyers are exchanging?

Thanks

@ScottL45 Offers getting pulled is very rare in my experience. Further documentation is usually only ever requested when there's either been a very long time between offer and completion or they've been informed of a change in circumstances. Lenders are concerned only with completion not exchange.

ScottL45

K_S said:

ScottL45 said:

Hi there.  Just wondering if any brokers or anyone else out there has had any further hoops to jump through after receiving their mortgage offer.  All set to exchange next Friday with completion the following Friday and starting to get anxious as I'm buying by far the most expensive property at the end of chain.  Through reading various stuff, I now understand that I'm still liable even if there are mortgage offer withdrawals from anybody down the chain from me.  I wanted to exchange and complete simultaneously but I was own my own there.  Just wondering if this sort of thing happens and specifically after exchange?  Silly question but I take it lenders are aware when buyers are exchanging?

Thanks

@ScottL45 Offers getting pulled is very rare in my experience. Further documentation is usually only ever requested when there's either been a very long time between offer and completion or they've been informed of a change in circumstances. Lenders are concerned only with completion not exchange.

Thanks KS.  What is a very long time in your opinion?  For me, completion would be exactly 4 months from mortgage offer.

K_S

ScottL45 said:

K_S said:

ScottL45 said:

Hi there.  Just wondering if any brokers or anyone else out there has had any further hoops to jump through after receiving their mortgage offer.  All set to exchange next Friday with completion the following Friday and starting to get anxious as I'm buying by far the most expensive property at the end of chain.  Through reading various stuff, I now understand that I'm still liable even if there are mortgage offer withdrawals from anybody down the chain from me.  I wanted to exchange and complete simultaneously but I was own my own there.  Just wondering if this sort of thing happens and specifically after exchange?  Silly question but I take it lenders are aware when buyers are exchanging?

Thanks

@ScottL45 Offers getting pulled is very rare in my experience. Further documentation is usually only ever requested when there's either been a very long time between offer and completion or they've been informed of a change in circumstances. Lenders are concerned only with completion not exchange.

Thanks KS.  What is a very long time in your opinion?  For me, completion would be exactly 4 months from mortgage offer.

@ScottL45 I wouldn't consider that to be very long at all.

ScottL45

There was one other thing as well... do solicitors contact lenders prior to possible exchange of contracts to ensure nothing is outstanding to to double check?

K_S

@scottl45 Prior to exchange? Not as far as I know.

ScottL45

K_S said:

@scottl45 Prior to exchange? Not as far as I know.

Appreciate your advice, thanks.

Mrh1019

Having this exact same worry at the moment! Due to exchange this week!! Nothing at all has changed with us but could Halifax change their lending criteria and decide to change their minds? X

RelievedSheff

Mrh1019 said:

Having this exact same worry at the moment! Due to exchange this week!! Nothing at all has changed with us but could Halifax change their lending criteria and decide to change their minds? X

It is highly unlikely that they would do this. Stop panicing.

K_S

Mrh1019 said:

Having this exact same worry at the moment! Due to exchange this week!! Nothing at all has changed with us but could Halifax change their lending criteria and decide to change their minds? X

@mrh1019I've never had a lender pull an offer based on a retrospective change of criteria.

Lenders can and do change criteria (e.g. Halifax reducing income multiples for <30k income recently) sometimes but usually if your application has gone in before the new criteria is in place, they will judge it as per the existing criteria at that time.