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Writer's pictureAga - Mortgage Broker

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.




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