In a panic reading the news will banks pull offers

fortylittletoes

We exchanged contracts today paid deposit etc - but we dont complete until the 7th October. We have had a mortgage offer signed all the paperwork etc from Aldermore. We are first time buyers. 

It has taken a huge effort to get to this point and i am now really panicking about what im seeing in the news.

Is anyone else in a similar situation - is it likely that banks who have removed products will pull exsisting offers or do they generally honour these?

I am supposed to be packing but im too terrified to touch a box!

Brie

My understanding is that the offers are being pulled for new customers.  Not established ones (needing to remortgage) and not for those in the pipeline.  

fyi - there's nothing obvious on Aldermore's website and I believe on the news they said "some banks" so not all.  

K_S

@fortylittletoes Post-offer, I would say it's very very unlikely with mainstream lenders and very unlikely with smaller bank lenders (like Aldermore).

Anecdotally, I have heard of Together pulling some fixed-rate offers today but unlike Aldermore, they are very dependent on capital markets for funding so the recent volatility would have had a significant impact on their business.

I hope I haven't heightened your stress levels too much!

fortylittletoes said:

We exchanged contracts today paid deposit etc - but we dont complete until the 7th October. We have had a mortgage offer signed all the paperwork etc from Aldermore. We are first time buyers. 

It has taken a huge effort to get to this point and i am now really panicking about what im seeing in the news.

Is anyone else in a similar situation - is it likely that banks who have removed products will pull exsisting offers or do they generally honour these?

I am supposed to be packing but im too terrified to touch a box!

  

housebuyer143

K_S said:

@fortylittletoes Post-offer, I would say it's very very unlikely with mainstream lenders and very unlikely with smaller bank lenders (like Aldermore).

Anecdotally, I have heard of Together pulling some fixed-rate offers today but unlike Aldermore, they are very dependent on capital markets for funding so the recent volatility would have had a significant impact on their business.

I hope I haven't heightened your stress levels too much!

fortylittletoes said:

We exchanged contracts today paid deposit etc - but we dont complete until the 7th October. We have had a mortgage offer signed all the paperwork etc from Aldermore. We are first time buyers. 

It has taken a huge effort to get to this point and i am now really panicking about what im seeing in the news.

Is anyone else in a similar situation - is it likely that banks who have removed products will pull exsisting offers or do they generally honour these?

I am supposed to be packing but im too terrified to touch a box!

  

You have heightened mine!! Completion due on Friday and we are told the solicitor is waiting on confirmation of mortgage funds.... Thinking the worst now 😅 don't think I can handle the offer being pulled 3 days before completion. 

K_S

housebuyer143 said:

K_S said:

@fortylittletoes Post-offer, I would say it's very very unlikely with mainstream lenders and very unlikely with smaller bank lenders (like Aldermore).

Anecdotally, I have heard of Together pulling some fixed-rate offers today but unlike Aldermore, they are very dependent on capital markets for funding so the recent volatility would have had a significant impact on their business.

I hope I haven't heightened your stress levels too much!

fortylittletoes said:

We exchanged contracts today paid deposit etc - but we dont complete until the 7th October. We have had a mortgage offer signed all the paperwork etc from Aldermore. We are first time buyers. 

It has taken a huge effort to get to this point and i am now really panicking about what im seeing in the news.

Is anyone else in a similar situation - is it likely that banks who have removed products will pull exsisting offers or do they generally honour these?

I am supposed to be packing but im too terrified to touch a box!

 

You have heightened mine!! Completion due on Friday and we are told the solicitor is waiting on confirmation of mortgage funds.... Thinking the worst now 😅 don't think I can handle the offer being pulled 3 days before completion. 

@housebuyer143 Sorry about that but I'm sure you'll be fine!

In my defence, I did run that bit of anecdotal information past a Together packager to confirm that it was true (only for some fixed rate products that they offered on) before sharing it publicly.

london21

fortylittletoes said:

We exchanged contracts today paid deposit etc - but we dont complete until the 7th October. We have had a mortgage offer signed all the paperwork etc from Aldermore. We are first time buyers. 

It has taken a huge effort to get to this point and i am now really panicking about what im seeing in the news.

Is anyone else in a similar situation - is it likely that banks who have removed products will pull exsisting offers or do they generally honour these?

I am supposed to be packing but im too terrified to touch a box!

Nothing to worry about.

You have already exchanged and will be completing soon.

The news is regarding to new applications for products.

housebuyer143

K_S said:

housebuyer143 said:

K_S said:

@fortylittletoes Post-offer, I would say it's very very unlikely with mainstream lenders and very unlikely with smaller bank lenders (like Aldermore).

Anecdotally, I have heard of Together pulling some fixed-rate offers today but unlike Aldermore, they are very dependent on capital markets for funding so the recent volatility would have had a significant impact on their business.

I hope I haven't heightened your stress levels too much!

fortylittletoes said:

We exchanged contracts today paid deposit etc - but we dont complete until the 7th October. We have had a mortgage offer signed all the paperwork etc from Aldermore. We are first time buyers. 

It has taken a huge effort to get to this point and i am now really panicking about what im seeing in the news.

Is anyone else in a similar situation - is it likely that banks who have removed products will pull exsisting offers or do they generally honour these?

I am supposed to be packing but im too terrified to touch a box!

 

You have heightened mine!! Completion due on Friday and we are told the solicitor is waiting on confirmation of mortgage funds.... Thinking the worst now 😅 don't think I can handle the offer being pulled 3 days before completion. 

@housebuyer143 Sorry about that but I'm sure you'll be fine!

In my defence, I did run that bit of anecdotal information past a Together packager to confirm that it was true (only for some fixed rate products that they offered on) before sharing it publicly.

I just had notification that the change has been added to my old property by the buyers solicitor. Assume that's a good sign for Friday completion? 
They are not with together 😂