Can a lender withdraw my mortgage offer?!

Could a lender refuse a mortgage if it has already been offered?! The answer is Yes!

We might think that once we have a mortgage offered, we can be sure that we will soon be moving into our beautiful new home.

How frustrating it must be when the lender decides to cancel the offer? Why could this happen?

Lenders may do so called post-offer checks to see if we are in the same financial position as at the point of application. They need to be certain that our earnings, income and credit score is satisfactory.

Lender can, therefore, ask for further information at any point and if there is any change in our material position, they can simply withdraw the offer given previously.

That is why it is so important that you do not change jobs or take any new form of borrowing without consultation with your adviser as this might seriously jeopardise your chance of buying.

Also, do pay all your commitments on time and do not enter into any payment holidays.

The rule is simple, if you are not sure about something, always ask the broker. Change of circumstances may not always mean mortgage will not be completed, but it needs to be reported to the lender.

If you have any mortgage related questions, simply contact us and we will be happy to help you.

5% deposit mortgages are returning to the market - good news for buyers!

More positive news for buyers who can only put forward a smaller, 5%, deposit. More and more lenders have announced returning with products designed for this purpose.

So far there are only a couple of lenders willing to lend to buyers with such a small deposit for mortgage and their criteria differ but we can confirm that there are options now available if: - You only have 5 % deposit - You are not furloughed - Your credit score is pretty good and there is no adverse elements on your credit file - You are a First time Buyer - You are happy to go for the rates between 3.99% and 4.5%

It is very positive to see more and more lenders considering return to small deposit mortgages.

We are very busy and taking bookings for availability for at least a week in advance so Book Your Appointment to avoid Disappointment!

Great News on Budget Day for Home Buyers!

YAY, Mortgages with just 5% deposits will be back offered by a few lenders from April!

Amongst lenders offering mortgages with just 5% deposit are well known high street lenders and more are to follow and join in their offering of 95% Mortgages.

The stamp duty holiday has now been extended until the end of June and the nil band is set to stay at £250,000 until 30th September.

These are all very welcome news for first time buyers and home buyers!We are very busy and appointments need to be booked in advance so don't wait - contact us now to discuss your position to buy your dream home.