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What happens to your mortgage offer if the sale falls through?
Raneynickel4
Posts: 38 Forumite
Let's say you received your mortgage offer all fine, but your sale falls through for one reason or another (you get gazumped, property gets down valued, sellers divorce and don't want to sell etc...)
If you end up reapplying, will you get another hard search added to your report? Do you need to wait a few months before reapplying again?
Just a hypothetical question. Boredom on a Sunday evening..
If you end up reapplying, will you get another hard search added to your report? Do you need to wait a few months before reapplying again?
Just a hypothetical question. Boredom on a Sunday evening..
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It's Monday.....Raneynickel4 said:Just a hypothetical question. Boredom on a Sunday evening..1 -
Do you mean if your purchase falls through? (Not your sale)
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I expect it may depend on the particular lender, but obviously if you're applying with the same one they'll know what the reason for their previous search was.0
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Haha whoops... Monday it is..Slithery said:
It's Monday.....Raneynickel4 said:Just a hypothetical question. Boredom on a Sunday evening..0 -
Happened to us a few times, our broker just submitted a change of property form and there was a new valuation and new offer. All houses were a similar value and had desktop valuations, was all very quick with each offer being reissued within a few days. They didn’t redo affordability so no additional searches on our files.
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This happened to me with nationwide. I had to do a whole new application as with them you can't just switch properties.0
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When my first 2 purchases fell through they kept the offer over changed the property when the time came.Nothing is foolproof to a talented fool.0
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