Unfortunately, a mortgage offer can be withdrawn at any time and that could even be on the day of completion. This may seem very daunting for most people especially due to having to go back and forth with your mortgage lender and making sure all the documents have been filled out correctly. It can be very disheartening especially if you are a first-time buyer, as you usually would have to have found a property to get a mortgage offer in the first place and to then have the offer withdrawn at this stage is an extremely stressful situation to be in.
There are many reasons as to why your mortgage offer may be withdrawn after being accepted. The most common reason is if you have had a change of circumstances. This could be things like if you’ve been made redundant or any other changes in your finances which may affect your ability to afford the mortgage you have been offered. Other reasons can also include if the mortgage you have been offered has expired, your application has been filled out incorrectly, the criteria has changed with your lender, or even if there are any suspicious activities detected with your finances.
If your mortgage offer has been withdrawn, you will need to speak to your mortgage advisor to help you get back on track again. The good news is a mortgage cannot be withdrawn after completion; however, your property can be repossessed if you do not keep up your repayments of if you do not keep your lender informed of any changes.