Can a mortgage offer be withdrawn?

Getting a mortgage offer is a big step on your journey to buying a home, but it’s important to know that it isn’t a guarantee. There are still a few things that could go wrong before you get the keys, and understanding them early can help you avoid unnecessary stress.

Yes, Mortgage Offers Can Be Withdrawn

Even after you've received a mortgage offer, it can be withdrawn at any time before completion. Offers are made based on the information available at the time, and if anything changes or new details come to light, the lender has the right to reassess.

It doesn’t happen often, but here are some of the key reasons why it could:

The Offer Has Expired

Most mortgage offers are valid for between three and six months. If you don’t complete within that time, the offer could expire. Delays in the legal process or issues with the chain can push you past this deadline.

Stay in regular contact with your broker and solicitor. If you know delays are likely, request an extension early rather than leaving it too late.

Changes to Your Credit Profile

Your credit file is checked at the start of the process, but lenders can carry out additional checks before completion. If you take on new debt, miss payments, or make a large credit application, it could cause a red flag.

Try to keep your finances steady once you’ve got a mortgage offer. Avoid taking out new credit or making financial changes until you’ve completed.

Employment or Income Changes

If your employment status changes or your income drops after your mortgage has been approved, the lender may review your application.

Let your broker know about any changes as soon as possible. They’ll be able to guide you and help limit the impact.

'Subject to Valuation'

Mortgage offers are often subject to a satisfactory valuation. If the lender's valuer decides the property is worth less than you’re paying, or if there are concerns about its condition or resale potential, they could reduce or withdraw the offer.

Make sure the property is in good shape and realistically priced. If a down-valuation happens, your broker can talk to the lender or look at other options.

Mistakes or Misrepresentation

If any of the information provided in your application turns out to be inaccurate, even by mistake, it can cause the lender to withdraw the offer. This includes things like overstating your income or missing out details of existing debts.

Be as accurate and transparent as possible on your application. If you're not sure how to answer something, ask your broker for help.

What to Do If Your Offer is Withdrawn?

First, don’t panic. It feels like a setback, but it might not be the end of the road. Here’s what to do next:

Speak to your broker right away. They’ll help you understand what happened and what your options are.

Sort out the issue. Whether it’s your credit file, income, or something else, take action to resolve where possible.

Consider a new application. Your broker can help you approach a different lender who might be more suitable.

If it’s a property issue, you might be able to renegotiate the price or provide extra info to support the valuation.

Final Thoughts

Mortgage offers being withdrawn are rare, but staying in regular contact with your broker, keeping your finances stable, and flagging any changes early will help keep things on track.

We support buyers all across Thanet, from Broadstairs to Ramsgate, and we’re always on hand to help if you’re unsure about your next steps.

If you’re worried about your mortgage offer or need a second opinion, we’re just a message away. Book a free call with us and we’ll talk it through with you.