remorgage offer

cam5

once the papers have been signed and morgage company have recieved it. for a remorgage, is it a done deal or is there a way of cancelling it.thanks

Tiddler_2

Cam, it really depends on what you mean by the papers being signed.

If it is the mortgage application papers, then yes it can be declined. If you have actually received your formal offer of mortgage, in writing from the lender (i.e not an agreement in principle) then it is very very rare for it to be cancelled. In fact for some companies a request to withdraw a formal mortgage offer has to go to the mortgage lenders board of directors in order to approve the withdrawal.

The only occasions where it is likely to be withdrawn is if they find out you have lied on the application, or something else has come to light since you made the application - such as you have taken out additional credit which makes the new mortgage unaffordable in the mortgage company's criteria.

The mortgage offer for a particular interest rate, will have a limited lifespan, usually 3 or 6 months, but occasionally 12 months.