Can the mortgage lender withdraw a mortgage offer?

Tootyfrootieuk

I am a first time buyer who has got to the stage where the mortgage lender assessed my application and stated they would offer the mortgage subject to survey. I have had the survey done and have been waiting for at least 2 weeks with no news on the offer. Got a phone call from them yesterday saying that they have had another look at my credit report and would like to discuss it further and will not make the offer until I've got the report. I have ordered the report and to my knowledge I haven't done anything since they first checked the report from my initial application to have affected my credit.
Question is, are they planning on using this as an excuse not to offer me a mortgage what with their tightening the lending criteria etc? I have already paid out survey fees and disbursement fees to the solicitors. Could this be the end of the line and am I about to lose all the money I have spent so far and go back to square one?

JoJoArmani

Don't think you will lose out on your legal things as you can just arrange another mortgage. But you would have to get another valuation etc done & mortgage fees.

Did they say when they wanted to discuss it further?

have you posted this in the mortgage forum? They are best bet

Good luck!

trudiha

Who is the lender; I ask because this is the stuff of my reoccurring nightmares?

EmmaG_3

I've just had major problems with that last week. Applied for a mortgage with Scottish Widows on the 7th March, held off putting an offer in for the property I was interested in, until I had my mortage approved. Scottish Widows gave me the go ahead to put an offer in on the 19th March. I was ensured everything had been approved, credit checks complete and was just waiting on valuation of the property before they could give me written approval of the mortage offer. I put an offer in, had it accepted, arranged a survey and paid for it, to be told a week later by Scottish Widows they were withdrawing the offer of a mortgage.
Totally gutted and feel I have completely wasted the solicitors and owners of the properties time, not to mention my own time and money. One day later the house was under offer by someone else, no time to try and arrange another mortage. So frustrating!!
Scottish widows made some lame excuse about the property in question being too old, and seeminingly I should have declared that when I had a mortgage previously two years ago, I opted to enter into an interest only payment phase for a short period whilst I sold the house. They state that should of been declared under the heading of " have you ever had any court judgements, bankrupcy or missed payments?" (I never missed any payments)This would have been clearly evident when they carried out my credit search on the 7th March so what had changed I do not know!!
All this coincided with Scottish Widows pulling most of their mortgage products. Seems too much of a coincidence!!
I would advise anyone, to have a written offer of a mortgage before looking for any property because its heartbreaking when it all falls through, and doesnt give you much credibility with your solicitor. Unfortunately it is happening all around to lots of young people trying to get on the property ladder.

EmmaG

Gorgeous_George

In a few months' time you will be buying flowers for Scottish Widows. Your current losses will be nothing compared to the losses that you would have incurred if you owned a house.

GG

mpsavuk

Mortgage lenders are reducing their exposure to risk.So now they are looking for reasons not to lend.

The slightest error, omission or mistake and that mortgage application goes straight into the bin.