Wednesday, Oct 17, 2007
Behind the scenes it's all going very Pete Tong
Firstrung: Lenders pulling mortgage offers and scuppering deals at the last minute
Some 6.500 homebuyers, who have already exchanged on properties, could lose thousands of pounds as lenders use loopholes to try and pull out of mortgage offers before completion, according to Convex Conveyancing...The company states that lenders have been raising last minute questions and objections in an attempt to stop transactions from completing, this could be directly attributed to ensuing panic caused by the credit crunch. Research by Convex shows 10% of property deals last month experienced problems with the lender between exchange and completion. Convex says it has never experienced this problem in the past.
Posted by converted lurker @ 11:10 AM (361 views) Add Comment
1 Comment
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1. Orwell said...
according to Convex Conveyancing...
Really... Who are they? As a Solicitor I must ask.....
They sound a bit convex, or bent, to me (or is that rounded?)....
Interesting though, when lying to buy, I bet they didn't think of the fact that a mortgage arrangement goes both ways and if one tells porkies the mortgage company when they find out can pull the plug..at any time (subject to Equitable relief of course, and he who comes to Equity shall come with clean hands...)...