Lenders finding reasons to renege on mortgage offers?

[kibbbs]

I have recently come across a situation where a large building society have reneged upon a mortgage offer for what appear to be spurious reasons (overhead powerlines being the reason quoted when there are clearly none within sight or near the property) and refuse to explain their conclusions. Just wondering whether you have any of your had similar experiences and are some of the lenders now trying to find reasons to reject mortgages as they try to tighten there credit lines given all the uncertainty around interbank lending etc?

[FlashmanChop]

There are bds at it.

through experience i have found it when they seem to offer these amazing deals, will show willing to the powers that be, but pull things left right and centre.

any reason possible.

i had a BTL case recently where they wanted to see personal and business taxation etc and VAT returns..

[5potTurbo]

My brother had a similar situation recently, the bank in question's response as to 'why?' being, "Your credit rating's dropped in the last month since our offer.", which was complete and utter bks....

He had to find another deal very quickly, which inevitably has cost him a fortune to go through with, contracts already being in place.

[Miguel Alvarez]

Similar thing happening to me. I'm looking at back up plans at the moment. Just waiting for a phone call from my mortgage advisor.

[kibbbs]

Is there any recourse do you think? Seems inequitable when you have had to fork out for the valuation survey etc. and then the mortgage company just walk away on a matter that did not come-up in the survey (and doesn't exist anyway)?

[5potTurbo]

They giveth and they taketh away - without recourse.

[Soovy]

kibbbs said:

Is there any recourse do you think? Seems inequitable when you have had to fork out for the valuation survey etc. and then the mortgage company just walk away on a matter that did not come-up in the survey (and doesn't exist anyway)?

No.

[kibbbs]

I almost didn't ask as I pretty much thought that was the case .......