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If I Fail To Reach Exchange...
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Conan1Sett
Posts: 128 Forumite
My current mortgage offer is up for review and there's a possibility that the offer will be not stand. The lender may withdraw the offer before exchange. I stand to lose the product fee, conveyancing fees and whatever else I stand to lose in the event of.
Should this happen, I can top up again by saving until I can make another mortgage application. Approximately how long following an application for credit should this be?
Should this happen, I can top up again by saving until I can make another mortgage application. Approximately how long following an application for credit should this be?
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Whenever you meet lender criteria you can apply for another mortgage, it varies between lenders.Mortgage started 2020, aiming to clear 31/12/2029.0
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We applied for three mortgages in total until we got the one we went for. All in the space of a few weeks.0
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Why are members on this forum, them, ranting about the act of making multiple large credit applications?Wes121708 said:We applied for three mortgages in total until we got the one we went for. All in the space of a few weeks.
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@Conan1Sett we had no choice but to apply for the 3 as one was declined and the other the valuation came back under what we offered so it was 'give it a shot as nothing to lose!'
I wouldn't recommend it but if you have no other option?0 -
I used to underwrite personal loan applications around 15 years ago (applications which were not approved or declined by the automated software and were passed to our team for a decision).Conan1Sett said:
Why are members on this forum, them, ranting about the act of making multiple large credit applications?Wes121708 said:We applied for three mortgages in total until we got the one we went for. All in the space of a few weeks.
Several credit applications in a short period of time was a red flag - it looks to the lender like the applicant is desperate for credit - but we would disregard mortgage applications.
ETA - obviously different lenders will have different criteria & as said, this was some time ago.1
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