{"id":11329,"date":"2022-09-28T21:45:34","date_gmt":"2022-09-28T21:45:34","guid":{"rendered":"https:\/\/fusefornews.com\/2022\/09\/28\/can-my-mortgage-offer-be-withdrawn-and-other-questions\/"},"modified":"2022-09-28T21:45:34","modified_gmt":"2022-09-28T21:45:34","slug":"can-my-mortgage-offer-be-withdrawn-and-other-questions","status":"publish","type":"post","link":"https:\/\/fusefornews.com\/?p=11329","title":{"rendered":"Can my mortgage offer be withdrawn? And other questions"},"content":{"rendered":"

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\"House<\/picture><\/span>Image source, <\/span>Getty Images<\/span><\/div>\n<\/figure>\n<\/div>\n
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The mortgage market is in turmoil following Chancellor Kwasi Kwarteng’s mini-budget last week and the slide in the value of the pound. <\/b><\/p>\n<\/div>\n<\/div>\n

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The Bank of England said it would “not hesitate” to raise interest rates<\/a> to protect the pound – and mortgage lenders fear this could make offering new deals too expensive. <\/p>\n<\/div>\n<\/div>\n

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BBC News personal-finance correspondent Kevin Peachey answers your questions on what this means for your mortgage. <\/p>\n<\/div>\n<\/div>\n

Can my mortgage offer be withdrawn? – Paul Ferris, Northampton<\/span><\/h2>\n<\/p>\n
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Brokers say that if you already have a mortgage deal agreed, then it should – and will – be honoured.<\/p>\n<\/div>\n<\/div>\n

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It is first-time buyers and remortgagers planning to put in an application who are at the sharp end of the current situation.<\/p>\n<\/div>\n<\/div>\n

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The mortgage products and rates they were expecting have now largely disappeared. When deals return, they will be more expensive.<\/p>\n<\/div>\n<\/div>\n

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It isn’t until the mortgage application is complete that you are likely to have secured a specific rate. An earlier agreement-in-principle, for example, will rarely include a specific rate and will not be binding anyway.<\/p>\n<\/div>\n<\/div>\n

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It is important to stress that if you are part-way through a fixed-rate mortgage deal, that rate cannot be changed until that deal expires.<\/p>\n<\/div>\n<\/div>\n

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