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

RobM99

pinkteapot said:

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.

...so far. I doubt they will be alone.

ACG

RobM99 said:

pinkteapot said:

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.

...so far. I doubt they will be alone.

This is it, if you have say 10 lenders and they all get maybe 7-14% market share, then 2 pull out. It puts more pressure on the other 8, which then means more pull out. 

To be honest though, I expected to open my emails this morning and have maybe 5-10 emails saying products have been pulled. I have so far only had one. 

fitzykev

I spoke to broker and I am safe 

K_S

ACG said:

RobM99 said:

pinkteapot said:

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.

...so far. I doubt they will be alone.

This is it, if you have say 10 lenders and they all get maybe 7-14% market share, then 2 pull out. It puts more pressure on the other 8, which then means more pull out. 

To be honest though, I expected to open my emails this morning and have maybe 5-10 emails saying products have been pulled. I have so far only had one. 

@acg I expected the same, at least with the off high-street lenders! I have an Accord app lined up which went from first conversation last evening to ready-for-app today which I was almost sure would be pulled but luckily nothing yet from Accord.....

Halifax thankfully gave a decent amount of notice re pulling all with-fee products.

ACG

K_S said:

ACG said:

RobM99 said:

pinkteapot said:

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.

...so far. I doubt they will be alone.

This is it, if you have say 10 lenders and they all get maybe 7-14% market share, then 2 pull out. It puts more pressure on the other 8, which then means more pull out. 

To be honest though, I expected to open my emails this morning and have maybe 5-10 emails saying products have been pulled. I have so far only had one. 

@acg I expected the same, at least with the off high-street lenders! I have an Accord app lined up which went from first conversation last evening to ready-for-app today which I was almost sure would be pulled but luckily nothing yet from Accord.....

Halifax thankfully gave a decent amount of notice re pulling all with-fee products.

Thankfully everything I have is submitted and in. I have a couple waiting on a valuation but assuming they come back ok, I am good and have got through this without any scrapes. Thats me done, I am not shaking any trees to bring in more business this week now. Obviously if people want me I am around but I think I am happy to let the dust settle rather than raising the blood pressure. 

I will decide what to do next week closer to the weekend. 

I might go for a game of golf tomorrow and its a mortgage event on Thursday, my first since before covid so I can go and top up on pens haha. 

Spiderroo

ACG said:

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. 

We’re on top of it and so is our solicitor…no one else is. We’ve told everyone involved early January is a hard stop for us as we’re buying a renovation house and a huge rise in our repayments would make that much harder to finance. We’ve started looking at other properties but the market has slowed and we’re seeing 7-8 houses come up a week whereas we saw that many each day in spring. 

We didn’t ask for an extension before, it was automatically applied when they revised our mortgage to match our new offer. Maybe that will count in our favour.

I’ll speak to our broker about the potential for an extension or a back up offer.  

Fromdownwest

jaelato1 said:

No they wont

Not the case, Together mortgages have just pulled all cases, including those under offer. I assume most high street lenders will not do the same, but, lets not pretend that they can't / won't.

drinkduffbeers

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? 

Exactly the same position. I’m not stressing but will insist on minimising the time between exchange and completion 

doglover34

I've got my offer too about 3 weeks ago..but not remortgaging til December due to erc being super high! Fingers crossed natwest dont pull offers .... feel.sick!

K_S

Fromdownwest said:

jaelato1 said:

No they wont

Not the case, Together mortgages have just pulled all cases, including those under offer. I assume most high street lenders will not do the same, but, lets not pretend that they can't / won't.

@fromdownwest I know that Together have pulled some fixed-rate product offers but out of professional interest can I ask where you heard that they've pulled all?