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Can remortgage offer fall through?



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@pawelk I'm not entirely sure what you mean by a remortgage "falling through". The main reasons I can think of are -
- the mortgage offer (and any extension to it) expiring before the conveyancing is completed.
- the mortgage offer being withdrawn by Virgin and they'd usually only do that if there was a material change in your circumstances or they suspected application fraud.PawelK said:Hello.I am due to remortgage from nationwide to virgin who offered me the best rate back in June. My completion is set for 1st November (to avoid ERC ) so although still couple of months, my case seems to be moving very slowly. Mortgage deed already sent off. What are the chances that the deal can completely fall through at this point? I'm dealing with Taylor Rose who were appointed by Virgin.Many thanks.
I am a Mortgage Adviser - You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
PLEASE DO NOT SEND PMs asking for one-to-one-advice, or representation.
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Thank you K_S. The first possibility worries me a bit. Are there any clear signs that this may happen? For example right now on their portal my case is only 25% complete, last milestone 27th May (!?), est.completion 1st November. Although in the tasks of the case next to Confirmed Completion is still blank. When I messaged them a week ago asking what is happening right now (in case if there's any delay as they were going to contact my management company for some confirmations), they only replied nothing else is required from yourself right now. This kind of answer is not really reassuring as it suggests they haven't read my message properly and didn't address my question.0
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PawelK said:Thank you K_S. The first possibility worries me a bit. Are there any clear signs that this may happen? For example right now on their portal my case is only 25% complete, last milestone 27th May (!?), est.completion 1st November. Although in the tasks of the case next to Confirmed Completion is still blank. When I messaged them a week ago asking what is happening right now (in case if there's any delay as they were going to contact my management company for some confirmations), they only replied nothing else is required from yourself right now. This kind of answer is not really reassuring as it suggests they haven't read my message properly and didn't address my question.
However, in your case it sounds like there's a leasehold involved so there might well be a bit of lease-specific work and to and fro required between the conveyancer and the ManCo, that can delay things but how long will depend on how how quickly the ManCo picks up and responds, and how long the solicitor takes to process queries/responses.
You're right to keep following up.I am a Mortgage Adviser - You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
PLEASE DO NOT SEND PMs asking for one-to-one-advice, or representation.
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Thanks again. That's exactly was my thought and reason of asking conveyancers about any delays as I knew they are to contact ManCo and I know from my own experience how terrible they are.
Will probably give another two weeks and if no update on my case will directly chase ManCo once conveyancers confirm anything got stuck with the former.0
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