can the bank change their mind after loan offer

[udnewhouse]

i was just wondering that when you have loan offer, can the bank/ building society then "take it back"??

 

[Paulone]

If you told them porkies on your application form and they found out then I'm sure you would lose your approval.

If you change jobs they don't like that much either - you have to complete your probationary period. Lenders think you're too high a risk on probation because you might not be made permanent and wouldn't then be able to keep up payments.

Your loan is also dependent on the lender thinking that the house your to buy is also worth the money they'll lend you. If the house is in poor condition, they may refuse you a mortgage (or slap on a load of conditions to do with required improvements), because the resale value of the house is their own cast-iron guarantee of getting their money back.

The loan may also be substantially reduced if you want to buy what the lender views as a 'specialist property.' Many lenders won't give more than 60%-75% for such places in order to reduce their exposure to subsequent problems with such houses or a difficult resale.

 

[PM1234]

There should be a clause in the T&Cs of your offer to notify them if your circumstances change prior to drawdown.

Your loan offer is dependent on the information you provided at the time of your approval and of all the conditions set out in your offer being complied with.

If further undisclosed information comes to light the lender may add further conditions or decline your application.

 

[udnewhouse]

thanks for the reply's... there's no false info in the application if anything we understated our position. we're looking to do a selfbuild and to be honest i'm very nervious after the whole process of finding a lending inst that had the vision to see the finshed project... god they've asked for soooo much info, i feel like i've been under police watch!! I think that I'm just nervous.........

Still wondering in the current market, esp after tonights prime time... are we mad!!!

 

[ClubMan]

we're looking to do a selfbuild and to be honest i'm very nervious

...

I think that I'm just nervous.........

...

Still wondering in the current market, esp after tonights prime time... are we mad!!!

If you are self building to provide a home in which you will reside for the forseeable future and you can afford the cost/loan repayments then surely you have little to be worrying about? If you are put off by a single TV programme (?) then maybe not...