Can the mortgage lender withdraw the 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?

wymondham

I'm not sure, but I think they can back out right up until you sign on the dotted line, and it looks like there's lots of this around at the moment

dunstonh

They can actually even withdraw after the offer letter is issued but that is less common. Until you get the offer letter then you take nothing for granted and do nothing that would incur costs that you can avoid.

Mac_Sami

Tootyfrootieuk wrote: »

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?

Find out why they want to discuss your credit report further?
Arrange a meeting with them to discuss the credit report, which will then answer your question?

space_rider

I had the same problem so I got a credit report and found that I had a unpaid overdraft of less than £100 which I wasn`t aware of. I had left that bank many years ago. I contacted the bank, paid the balance and sent a letter explaining that to the mortgage company. Got my mortgage offer a week or so after.