Lender reneging on offer probability

Dave360180

Hi friends

I'm sitting on a mortgage offer at a rate of 2.67% which is valid to December 2022 (Barclays' 5Yr Fixed 2.67% S&S Cback (JK44)). My question is, how likely is it that the lender reneges on their offer? 

I'm holding off pulling the trigger to say October time as that will cost less fees etc and to see what happens to interest rates. 

But how much risk is there that Barclays renege? As from their perspective it's less of a good deal with recent rate rises. I would then likely get a new offer at a worse rate - so I'm wondering about pulling the trigger earlier just in case. 

Has anyone had any recent experience with this either way? 

Thanks! 

Dave360180

Ah, noticed this has recently been answered here : https://forums.moneysavingexpert.com/discussion/6377517/mortgage-offer-will-they-withdraw#latest

thomas1112

Mortgage offers are binding on the lender once issued, provided all of the information you provided was accurate and no new information about you or the property comes to light that would affect their decision to lend.

K_S

Dave360180 said:

Hi friends

I'm sitting on a mortgage offer at a rate of 2.67% which is valid to December 2022 (Barclays' 5Yr Fixed 2.67% S&S Cback (JK44)). My question is, how likely is it that the lender reneges on their offer? 

I'm holding off pulling the trigger to say October time as that will cost less fees etc and to see what happens to interest rates. 

But how much risk is there that Barclays renege? As from their perspective it's less of a good deal with recent rate rises. I would then likely get a new offer at a worse rate - so I'm wondering about pulling the trigger earlier just in case. 

Has anyone had any recent experience with this either way? 

Thanks! 

@dave360180 The lender won't withdraw their offer simply because interest rates have risen.

The rate you got at the time will have taken into account their funding costs for the funds they've earmarked to loan you, so they'll still make money on it