Understanding mortgages can be a tricky field if you are a first-time home buyer. Here at Eminence Mortgages, we understand that there is a lot to wrap your head around and get to grips with. That is why we are here to answer the questions you may have concerning all things home loan-related. One such thing you may be wondering is whether mortgage offers can ever be withdrawn.
In short, it is in fact possible for your mortgage lender to withdraw your mortgage offer. This can happen if your circumstances change after the offer has been made. There are a number of changes which may occur and could result in this happening. For example, if you are made redundant, you are unable to work due to ill health, or if your property loses value for whatever reason.
One thing that is very important to remember though is that this usually happens very rarely and in extreme cases. Prior to being issued a mortgage, lenders will do lengthy checks to ensure that you will be able to pay back your mortgage.
If your offer does end up being withdrawn, you will be informed as to why. From there, you can evaluate the circumstances and take the necessary steps to sort out any problems within your capacity.
Should you find yourself in a situation where your mortgage offer has been withdrawn, do get in touch with our friendly team here at Eminence Mortgages, and we would be more than happy to use our expertise to help and advise you on what to do.