MegaSack DRAW - This year's winner is user - rgwb
We will be in touch
So.... Mr anxiety here is wondering if a mortgage can be pulled after Exchange?
I've actually no reason to be worried, but we've exchanged a week ago (completion is in 3 weeks) and I applied (today)for the M&S 0% credit card. Just nervous in case the credit scoring gets affected and the mortgage offer gets bumped.....
I'm being stupidly anxious... right...?
Very unlikely that'll affect your mortgage.
You have the funds in principle and whilst technically possible for the mortgage company not to give you the money I very much doubt it.
Don't worry and enjoy your new pad when you move in.
You have the funds in principle and whilst technically possible for the mortgage company not to give you the money I very much doubt it.
I don't think this is correct, I'm sure that the point of some of the legal process that leads to exchange is that everything is set, including the mortgage.
I'm sure that there is someone on here who is a conveyancing solicitor specialist type thingy who could actually give an informed answer to this..
I was thinking about extreme situations like if the mortgage company were to suddenly become insolvent and be declared bankrupt.
What happened in the case of Northern Rock and Bradford & Bingley to their customers who had their mortgages in principle but had yet to complete?
You'll be ok Kryton, they'll have logged your "non entry level" bikes as collateral...
8)
I don't think this is correct, I'm sure that the point of some of the legal process that leads to exchange is that everything is set, including the mortgage.
We had a mortgage company try to withdraw, with a Scottish purchase. The contract with them made it clear that exchange meant that thier contract was binding, as ours to the seller.
We spent three nervous weeks arguing with them that we had a contract.
Suddenly a letter explaining our intention to sue (as we were being sued for non-completion under Scottish system) for:
property purchase cost, cost of legals(x2), cost of mortgage they had not delivered and compensation(x2) meant a quick change of heart and they sorted a mortgage and legals in 10 days(!)....
We had a decision in principle withdrawn for no good reason. Spent a pretty anxious couple of weeks sorting out another deal. Do you have a decision in principle or an offer?
Decision in principle is a different thing to the mortgage itself. Highly unlikely it would be withdrawn at this point.
you havent a contract with the mortgage provider and they can and do pull out at any point of the process. at the moment some lenders literally cannot afford the rates to borrow the money to lend to you so some are pulling the plug on day of completion..
totalshell - Member
you havent a contract with the mortgage provider and they can and do pull out at any point of the process. at the moment some lenders literally cannot afford the rates to borrow the money to lend to you so some are pulling the plug on day of completion..
Ok, please stop now.... 🙁
you did ask......
So you didnt read any of the bumph you were given- basically to give your self the best chance of getting it do not do anything to alter your credit rating such as 0% furniture or a new credit card !!!!!!
Esp as iirc you were looking to buy something at the top of your budget iirc ......
Id be shitting my self too !
Trail_rat - but we already have the mortgage, which is the point. Surely the don't do a second credit check? Especially as today's mortgages are about affordability?
Ill be nervous if the c card application gets refused, but my circumstances haven't changed otherwise and I've no reason to suspect I'd have a bad score...
I'm now convinced that I'm doomed. No sleep tonight...
You dont have it till the moneys in the sellers account !
Yes but they I may just have ruined the chance of getting it in the first place. I thought nothing could change after exchange....
Lots can change , just means you might not be able to pay
But in all honesty i think youll be fine but im no expert......