Going Unconditional

[jaspercarrot]

Hi all need a bit of advice. What happens when you are getting finance from a bank for a mortgage, then go unconditional on a property? Can the bank pull out after this point?

I am asking as we may have a little wait in-between going unconditional and completing. If our circumstances change, can the bank change their mind about lending us the money in the meantime?

Thanks

[halfempty]

Yes the bank can just walk away from you.

[jaspercarrot]

Hmm, thats a bit of a worry. So I'd be tied in unconditional and the bank can walk away?

[Bob Kane]

So it might pay to get your finance sorted before going unconditional.

[Orkibi]

Yes they can if circumstances change.

Best thing to do is to get an extension for you Due Diligence and wait until your loan approval is APPROVED AND final.

[halfempty]

In the banks eyes a loan approval is never final.

They can if they wish pull the carpet out at any stage.
I had finance approved for a large purchase with 3 finance approvals from different banks and each bank went under before settlement.

[Orkibi]

They can if they wish pull the carpet out at any stage.
I had finance approved for a large purchase with 3 finance approvals from different banks and each bank went under before settlement.

SOUNDS LIKE A FINANCE COMPANY TO ME NOT Main stream bank.

Yes they can recall loans or cancel approvals if you go insolvent before settlement - But if it not major issue and you are approved then this chances of the bank pulling out are small.