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Anyone else had their mortgage pulled?

2 replies

OhIdoLike2bBesideTheSeaside · 06/10/2022 20:41

So we had 2 agreements in principal done via a broker, one Barclays and one Halifax
Broker has now said that both lenders have "withdrawn those products from their current offering and will review their portfolios over the next couple of weeks"
I'm now really worried - clearly whatever deal we get now will cost a lot more money
Is anyone else in this situation?

OP posts:
JessicaPeach · 06/10/2022 21:16

You don't lock in the rate until the application is submitted, sometimes not even until the offer is made so this is standard practice unfortunately. We are purchasing at the moment and the mortgage broker explained all of this up front.

Jmaho · 07/10/2022 12:39

I work for a Bank in mortgages. In our company the rate is secure once the full application is submitted
Some lenders won't secure it until offer stage
An approval in principle is exactly that. It is basically saying we will lend to you at the amount requested subject to income proof, valuation etc but doesn't unfortunately secure the rate

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