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Original poster

Mortgage offer worry

40 replies

Bedsheets4knickers · 27/09/2022 16:57

I'm currently worried sick that Nation wide is going to pull their offer . We are FTB and nowhere near completion yet . I don't think il sleep well tonight .

OP posts:
PumpkinGhoul · 27/09/2022 17:19

Try not to stress too much I know easier said than done I've done it twice buying selling and buying so know how stressful it can all be.
They highly won't pull offer unless your circumstances change from when they agreed to the offer.
So if your salary and circumstances are still the same nothing should happen.

Original poster
Bedsheets4knickers · 27/09/2022 17:36

No nothings changed but have borrowed the maximum that we could do our broker had to really crunch the numbers to get us our offer .

OP posts:
Whymustyoubringinthebirds · 27/09/2022 17:38

They won't pull the offer unless there is new information or a material change they aren't allowed to under the European mortgage directive to pull offers as they are legally binding

SeeClearNow · 27/09/2022 17:39

Hello, mortgage broker here. As long as your application has already been submitted to the mortgage lender then you are safe. Try not to worry!

Original poster
Bedsheets4knickers · 27/09/2022 17:41

Thank you all xxx

OP posts:
ChangedNameAgain99 · 27/09/2022 17:41

How long are you fixed for?

Original poster
Bedsheets4knickers · 27/09/2022 17:49

ChangedNameAgain99 · 27/09/2022 17:41

How long are you fixed for?

3 years

OP posts:
stayathomegardener · 27/09/2022 17:57

We had our offer pulled six weeks ago, financial advisor said it was unprecedented.

New offer will cost us £10k more over 5years and I'm not fully confident that won't also be pulled before exchanging mid Nov.

Im taking the view at that point I think we'll call it fate and pull out, less stressful.

Original poster
Bedsheets4knickers · 27/09/2022 18:05

stayathomegardener · 27/09/2022 17:57

We had our offer pulled six weeks ago, financial advisor said it was unprecedented.

New offer will cost us £10k more over 5years and I'm not fully confident that won't also be pulled before exchanging mid Nov.

Im taking the view at that point I think we'll call it fate and pull out, less stressful.

Why was it pulled ?

OP posts:
stayathomegardener · 27/09/2022 18:09

Sorry it's not what you need to hear, full sympathy.

West One upped their rates which included pulling all offers, they re offered with a higher rate about two weeks later.

caringcarer · 27/09/2022 18:12

I was remortgaging a btl from one lender to Leeds Building Society. Everything was submitted to broker and he rang me to go through offer with me. He rang me back 10 mins later to say that offer had been pulled in 15 mins he was on phone to me going through offer. He said he had not known building society to pull a deal that had only been up 3 days before. I had to go with Coventry building society but 0.45 percent more expensive.

Original poster
Bedsheets4knickers · 27/09/2022 18:13

stayathomegardener · 27/09/2022 18:09

Sorry it's not what you need to hear, full sympathy.

West One upped their rates which included pulling all offers, they re offered with a higher rate about two weeks later.

No it's ok .. I'm just gutted everything moves so slowly. We are 10 weeks in and it just feels inevitable.

OP posts:
Original poster
Bedsheets4knickers · 27/09/2022 18:15

caringcarer · 27/09/2022 18:12

I was remortgaging a btl from one lender to Leeds Building Society. Everything was submitted to broker and he rang me to go through offer with me. He rang me back 10 mins later to say that offer had been pulled in 15 mins he was on phone to me going through offer. He said he had not known building society to pull a deal that had only been up 3 days before. I had to go with Coventry building society but 0.45 percent more expensive.

That's who are savings account is with funnily enough .

OP posts:
SilentHedges · 27/09/2022 18:17

Bedsheets4knickers · 27/09/2022 17:36

No nothings changed but have borrowed the maximum that we could do our broker had to really crunch the numbers to get us our offer .

The biggest issue here is not your mortgage offer getting pulled, it's that you've borrowed to the hilt on only a 3 year fix. If you have the ability to significantly over pay your mortgage over the next 3 years that would be advisable. Otherwise you should be stress testing your repayments at higher rates when your fixed deal ends.

SeeClearNow · 27/09/2022 18:21

Those who have said they've had their offers pulled. Had you already received your formal mortgage offer? Or had you only got your mortgage in principle?

We received an update from Nationwide that yes, rates will be going up but as long as you have submitted your application then your rate is secured.

SeeClearNow · 27/09/2022 18:24

Just to clarify the above - when I said that the application needs to be submitted I was referring to the full official application, not just the mortgage in principle. So if this has been done with Nationwide then you should be fine Smile

AdoraBell · 27/09/2022 18:28

Fingers crossed for everyone in this situation. We moved last December and the stress was awful without they way it gone now.

Original poster
Bedsheets4knickers · 27/09/2022 18:29

SeeClearNow · 27/09/2022 18:24

Just to clarify the above - when I said that the application needs to be submitted I was referring to the full official application, not just the mortgage in principle. So if this has been done with Nationwide then you should be fine Smile

Thank you , yes we got the formal offer Aug 11th .

OP posts:
SeeClearNow · 27/09/2022 18:39

Although these are unprecedented times indeed, it's highly unlikely that the lender will take away your formal offer. Most of the changes apply to pre offer customers. Hope it all goes ok!

MATQs · 27/09/2022 19:25

Hope all goes well for you but it does sound promising-fingers crossed!!

We have our application in but no offer yet. Probably more precarious than you? Eek! Fingers crossed for us all!

Someaddedsugar · 27/09/2022 19:37

I'm in a similar situation OP - we got our formal offer on 22nd September and I'm panicking that it's going to be pulled. We've fixed for 5 years as the cost per month is what we can currently afford (hopefully in 5 years I'll have reached the top of my pay scale plus I'll no longer have student loan payments which will help if rates are higher then).

I'm also worrying that we're paying above what our house is going to be worth this time next year if the housing market crashes.

Original poster
Bedsheets4knickers · 27/09/2022 21:29

Someaddedsugar · 27/09/2022 19:37

I'm in a similar situation OP - we got our formal offer on 22nd September and I'm panicking that it's going to be pulled. We've fixed for 5 years as the cost per month is what we can currently afford (hopefully in 5 years I'll have reached the top of my pay scale plus I'll no longer have student loan payments which will help if rates are higher then).

I'm also worrying that we're paying above what our house is going to be worth this time next year if the housing market crashes.

The market won't crash so don't worry about that .

OP posts:
toomychtiss · 28/09/2022 00:03

tbf if rates get to 5/6% for a significant period of time prices will be impacted.

toomychtiss · 28/09/2022 00:04

@Bedsheets4knickers what's your LTV?

Someaddedsugar · 28/09/2022 06:39

I'm looking at this as an investment in the sense we will hopefully not be moving again once we're in our new property so hopefully over the years the price will balance out and we won't lose anything.