Can a mortgage offer be withdrawn?

[northernladuk]

What holdups are on your purchase? Suppose they are not resolved?

I doubt very much the mortgage lender will find out. But personally I would not risk it.

Someone torched his car, his wife ran off with the window cleaner and the cat has disappeared so he was a little busy hence the hold up.

[BrilloPad]

Someone torched his car, his wife ran off with the window cleaner and the cat has disappeared so he was a little busy hence the hold up.

That should not hold up the purchase.

And anyway, the window cleaner torched his car after running off with his wife/cat...

[SlipTheJab]

With the luck the OP has if he fell into a well full of boobies he'd come out sucking his thumb

[dingdong]

Many lenders do conduct rolling credit checks hence the advice to not apply for any new credit in the period until completion.

There have been some isolated cases of lenders withdrawing offers between exchange and completion if something is flagged up on cases that get audited.

[d000hg]

the vendor of my new place is prepared to let me rent for a few weeks until the legal stuff is sorted out.

Isn't that dodgy for them too? Or is this not that uncommon?

[chopper]

Many lenders do conduct rolling credit checks hence the advice to not apply for any new credit in the period until completion.

There have been some isolated cases of lenders withdrawing offers between exchange and completion if something is flagged up on cases that get audited.

Last year, for reasons which do not need exploring at this juncture, the solicitors in the chain decided to exchange and complete on the same day.

The day comes, and it turns out our buyer's solicitor thought "f--- it, I'm going on holiday" and didn't request the mortgage funds. As a result, the chain didn't move that day and our solicitor sent the money back to the bank.

It was at this point my mortgage company decided to reaudit. Lots of frantic phone calls, and we eventually exchanged contracts the following wednesday and moved on the Friday, but yes - they do reaudit, despite the fact they had already released the cash!

[eek]

Last year, for reasons which do not need exploring at this juncture, the solicitors in the chain decided to exchange and complete on the same day.

The day comes, and it turns out our buyer's solicitor thought "f--- it, I'm going on holiday" and didn't request the mortgage funds. As a result, the chain didn't move that day and our solicitor sent the money back to the bank.

It was at this point my mortgage company decided to reaudit. Lots of frantic phone calls, and we eventually exchanged contracts the following wednesday and moved on the Friday, but yes - they do reaudit, despite the fact they had already released the cash!

To be clear that was before exchange wasn't it?

In the OP's case I believe exchange has occurred so rules may be different.

[chopper]

To be clear that was before exchange wasn't it?

In the OP's case I believe exchange has occurred so rules may be different.

Indeed - the offer was 'withdrawn' when the solicitor sent the money back, but a quick re-audit and re-issue of the mortgage and then exchange happened.

The re-audit just involved them taking another credit check in my case, they didn't reassess my income.

However, the bank will reserve the right to re-audit at any time before they issue the money, and therefore this can be between exchange and completion, especially if exchange->completion is a week or two. There will also be a condition of the mortgage offer that you have to notify them of any material change to circumstances.

Various threads on the internet found at
http://lmgtfy.com/?q=mortgage+offer+...and+completion

[Big Blue Plymouth]

IANAL but if you are completing today, you will already have exchanged contracts etc which means you are legally bound to the sale as everything will already be in place. The mortgage will have been approved a while now and it's just waiting for them to release the money your solicitor etc. All their processes / checks etc are complete, so you won't have anything to worry about.

Yes, have completed on the sale but purchase is still up in the air owing to boundary issues. Some of my garden is unadopted according to land registry.

Buyer threatened to pull out if we didnt complete on the 18th. Already lost one buyer - been on the market for 18 months - couldn't bear to go through that hassle again so I'm in the property I'm going to purchase on a 1 month holiday let.