Can a mortgage lender withdraw an Offer?
Posted on 9th April 2024 at 14:51
Mortgage Myth Busting…..once your mortgage offer is issued the lender cannot withdraw it
WRONG!
Did you know some lenders will run a final credit check before you complete on your mortgage?
This is why you should not take out any new credit arrangements before you complete.
Moving home is an exciting time, but popping into the sofa shop to take out some furniture on finance or adding purchases to your credit card will affect your affordability with the lender.
If the lender does a new credit check on you before completion, they will revoke the mortgage offer and it could lead to you not being able to borrow enough money for the property.
Our advice would be to wait until you have completed before taking out any further credit arrangements.
As always, any credit taken should be within your affordability.
Victoria Bennett
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