Could my lender pull my offer post exchange?

theonenonly

Seeing posts of lenders, especially Nationwide, pulling offers pre or even post exchange due to the rising interest rates, without reason and due to it being baked in their T&Cs they're able to do so.

Just saw a post on reddit of someone having Nationwide pull their offer for no reason (could be fraud, but saw so many comments saying Nationwide have been doing this due to low risk appetite due to war situation anyway.)

Is there anything I can do to mitigate against this?

MyRealNameToo

https://forums.moneysavingexpert.com/discussion/6660290/could-my-lender-pull-my-offer-post-exchange

Once its been formally offered and accepted it's a binding contract and the bank can only withdraw in specific circumstances not just because of general world events.

In principle offers arent binding and so can be withdrawn. You wouldnt normally exchange until you have accepted a mortgage offer.

You could in principle have more than one accepted mortgage offer to mitigate but you are going to be paying all the fees for the second one and both are likely to have the same clauses and so if one withdraws because they find fraud on your application the second one will follow.

ACG

Dont believe what people put on the internet. Its half a truth at best.

There is absolutely zero chance nationwide are pulling products because of interest rates - its just not happening.

Its either a complete lie or there is something important conveniently missed.

In 14 years as a broker, I have only had 1 case pulled that had been agreed subject to valuation - that was an adverse lender during lockdown 1 of covid. In 14 years - 2 wars, brexit, covid, mini budget + whatever else, I have never had an offer pulled after it has been offered.

k12479

I think the one currently plastered over Reddit that the OP may be referring to involves someone transferring £280k from China via questionable means whilst the limit to transfer funds out of the country is apparently $50k.

Bonniepurple

https://forums.moneysavingexpert.com/discussion/comment/81928863#Comment_81928863

is this how to buy a house in Clacton with no money?

ACG

https://forums.moneysavingexpert.com/discussion/comment/81928863#Comment_81928863

There is the important bit that would make all of the difference.

Nothing to do with rates, nothing to do with world events.