When is a Mortgage Offer Set in Stone?

GSCSwad

I have just spoken to my mortgage advisor, who has informed me that a number of lenders are retracting their offers. Does this sound right?

I thought that once the offer was on the table and you went with it there was no turning back on the lenders behalf.

I spoke to A&L on my lunch break and they were very willing to talk about deals and what I could borrow. I'm getting very itchy feet.

Are there any mortgage advisors reading this finding the same?

Dan_Collins_2

Nope, not had one yet. However some lenders in riskier markets have set deadlines on products and I believe some offers have had issue. Not on a large scale. I would say that as long as you meet any deadlines you will be ok with the likes of A&L and the high street in general.

Mortgage products are be pulled on a weekly basis though.

_Andy_

Perhaps your advisor meant 'offers' in terms of products and rates, i.e. at the moment rates are often changing and being pulled at short notice - rather than a mortgage offer whereby the lender has approved your mortgage.

To give you an example, this week Nationwide gave very short notice of increasing their fixed rates, and then very soon after, C&G did the same with their tracker range.

Helga14

Don't think that you ever have a fixed offer until you've paid money to actually reserve a rate. Then you normally have a set amount of time, I had 6 months with Britannia to then actually take out the mortage.