Mortgage offers pulled

[anneofGreenGable]

Hello, I keep reading that mortgage offers are being pulled with the current economic meltdown. Are these actual agreed, booked by paying a fee and valuation done offers or are the mortgage deals as in products? Does anyone know?

I think it's products. I can't see banks pulling agreed mortgages, where people have spent out on surveys etc on the strength of having a mortgage offer agreed.
DS had already applied for his mortgage when his lender withdrew their products and they still approved his yesterday - applications already made will be processed normally, I believe. Although I think lenders will be cautious.

Yes I think too @ImAvingOops but I was getting worried

I've had a mortgage offer sent to me today even though the lender has withdrawn their products, so looks like they're honouring existing applications, although they seem to be taking a long time to go through. It's a worrying time, though, I won't feel completely happy until we've got the keys and are in the house tbh.

Its products that are being pulled, the news keep calling it "mortgage offers" which is so unhelpful and inducing panic.

"mortgage Offerings" would also work better!

My friend is a mortgage adviser and she said that existing applications will be honoured (she spent yesterdays trying to get in as many as possible) but new products were being pulled

I remember in 2008 they did pull offer sometimes after exchange but before completion which left people screwed but I don’t think it’s at that level yet

@Scoundrella estate agent friend told me today that they have had 2 people who had exchanged have their mortgage offer withdrawn.

I've been told by solicitors and estate agents today that we're aiming to exchange and complete on the same day to avoid this happening. It's all such a shit show.

@bellsbuss technically I know it is possible to pull an offer until completion but never heard of it happening at real life. Those poor people.

It is astonishingly rare thankfully.

Regulated mortgage offers can't be pulled unless theres a material change in the borrowers circumstances I.e unemployment, new £40k car finance etc

I'm a mortgage adviser 👋🏻

Hello OTA, as a mortgage advisor, do you know, at what level do the providers test their clients MMR %?

We’re close to exchange and we have been advised to do this by our solicitor today.

Please read the full story. Don't just read the headlines and take it as fact.

"Three lenders have temporarily pulled mortgages that come with fees for new customers."

Apart from Virgin, all of the other mortgage companies (Halifax etc) are STILL offering mortgage services that do not come with a fee.

Normally, they would give you a choice, such as 2.5% with £0 setup fee, or 2.35% with a £1000 setup fee.
They have only removed the mortgage options for options that come with a fee!

As for Virgin, they gave a statement saying:
"Existing applications already submitted will be processed as normal and we’ll continue to offer our product transfer range for existing customers. We expect to launch a new product range later this week."

My understanding is that it’s (at least currently) not offers that have been applied for, but only products that you can apply for. But if you want a mortgage, get an application in pronto, is my advice. I’m SO cross with myself for not doing it Friday, as I meant to. I did start looking at rates. It probably won’t make much different, but £50 quid a month increases on everything ( or so it seems petrol, mortgages, groceries, energy) are really starting to add up and make my formerly bright future look pretty bloody dim!

I’ve had an offer confirmed today, applied for weeks ago. But I’ve had a cash buyer start to negotiate on a price agreed months ago, too.