Advice after tonights news mortgage companies pulling deals for new customers!!!

fitzykev

Hi I have just seen where mortgage companies are pulling deals for new customers due state of the market. Does this included customers who have already had offers but not yet completed contact for the property they are sale agreed on?

K_S

@fitzykev For the lenders that I've got notifications for, it's only for new applications. I would expect mainstream lenders to honour any products for which full applications have already been submitted, even if they haven't gone to offer yet.

fitzykev said:

Hi I have just seen where mortgage companies are pulling deals for new customers due state of the market. Does this included customers who have already had offers but not yet completed contact for the property they are sale agreed on?

fitzykev

K_S said:

@fitzykev For the lenders that I've got notifications for, it's only for new applications. I would expect mainstream lenders to honour any products for which full applications have already been submitted, even if they haven't gone to offer yet.

fitzykev said:

Hi I have just seen where mortgage companies are pulling deals for new customers due state of the market. Does this included customers who have already had offers but not yet completed contact for the property they are sale agreed on?

So my mortgage offer was accepted by Leeds building society about a month and a half ago. I am still waiting for the solicitor to sort out the contracts but have been told completion date should be in around three weeks time. Is it safe to say I am in a safe position? 

london21

fitzykev said:

K_S said:

@fitzykev For the lenders that I've got notifications for, it's only for new applications. I would expect mainstream lenders to honour any products for which full applications have already been submitted, even if they haven't gone to offer yet.

fitzykev said:

Hi I have just seen where mortgage companies are pulling deals for new customers due state of the market. Does this included customers who have already had offers but not yet completed contact for the property they are sale agreed on?

So my mortgage offer was accepted by Leeds building society about a month and a half ago. I am still waiting for the solicitor to sort out the contracts but have been told completion date should be in around three weeks time. Is it safe to say I am in a safe position? 

Yes, it is new products/documents that might be affected.

fitzykev

london21 said:

fitzykev said:

K_S said:

@fitzykev For the lenders that I've got notifications for, it's only for new applications. I would expect mainstream lenders to honour any products for which full applications have already been submitted, even if they haven't gone to offer yet.

fitzykev said:

Hi I have just seen where mortgage companies are pulling deals for new customers due state of the market. Does this included customers who have already had offers but not yet completed contact for the property they are sale agreed on?

So my mortgage offer was accepted by Leeds building society about a month and a half ago. I am still waiting for the solicitor to sort out the contracts but have been told completion date should be in around three weeks time. Is it safe to say I am in a safe position? 

Yes, it is new products/documents that might be affected.

Is it possible that that could change and they could go as far as to withdraw offers already made but not yet activated due to completion dates not been met yet? 

jaelato1

No they wont

Edi81

Lenders who have formally offered a rate will still be valid. 

pinkteapot

On BBC News it said any application already submitted will go through the process as normal. They're just not accepting new applications. It's only a couple of lenders though.

Spiderroo

Will lenders extend if a sale is delayed? Offered on a house in Easter, our mortgage offer was automatically extended to early Jan when we revised our offer. There’s issues with the chain and the solicitors can’t/won’t say when it will be resolved. 

K_S

@spiderroo It'll depend on the specific lender's policy wrt extensions and the length of extension required. If your current lender won't extend at all, and you are extremely worried about further significant interest rate hikes between now and Jan then it may be worth speaking to your broker (or direct) about securing a backup mortgage offer now which should have a validity of 6 months or so.

Spiderroo said:

Will lenders extend if a sale is delayed? Offered on a house in Easter, our mortgage offer was automatically extended to early Jan when we revised our offer. There’s issues with the chain and the solicitors can’t/won’t say when it will be resolved. 

ACG

Spiderroo said:

Will lenders extend if a sale is delayed? Offered on a house in Easter, our mortgage offer was automatically extended to early Jan when we revised our offer. There’s issues with the chain and the solicitors can’t/won’t say when it will be resolved. 

You cant rely on it. You have already had one extension, with everything going on its probably not a risk worth taking. You have time on your side, but you probably want to ensure everyone keeps on top of it.