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Not Proceeding with Mortgage Offer
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johnsey2012
Posts: 1 Newbie
Hi,
Looking some advice. Me and my ex partner recently withdrew an offer for a house purchase due to personal circumstances. We had a mortgage offer approved etc at this stage. We have since broken up also. Contracts were not exchanged also. What happens to that mortgage offer now? Can it be changed from a joint application to a single one? How does it affect us in the future going forward if we wanted to applying for credit? Thanks.
Looking some advice. Me and my ex partner recently withdrew an offer for a house purchase due to personal circumstances. We had a mortgage offer approved etc at this stage. We have since broken up also. Contracts were not exchanged also. What happens to that mortgage offer now? Can it be changed from a joint application to a single one? How does it affect us in the future going forward if we wanted to applying for credit? Thanks.
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Comments
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I suspect there will be hard searches on both of your credit records but not much more than that. And I would also suspect that it would be an issue with getting credit in the next few months but once it's obvious that there was no mortgage generated it will become decreasingly important.
Whether you can change that from a joint to a single mortgage will depend entirely on whether that individual has sufficient income for the mortgage AND all their other credit obligations. This may include things you might not be paying currently - like utilities, council tax etc.I’m a Forum Ambassador and I support the Forum Team on Debt Free Wannabe, Old Style Money Saving and Pensions boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
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You might be able to transfer it to one persons name but it would require a new credit check, reunderwriting etc - it would probably make more sense to just apply from scratch.
It was only one credit check I imagine, its unlikely to make a huge different with future credit applications.I am a Mortgage AdviserYou 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.0 -
The offer will lapse. The solicitor will notify the lender that the transaction isn't proceeding.0
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