You excitedly fill out the mortgage application, dreaming of having your own house.

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And you also receive the mortgage offer after waiting for so long.

However, the process itself doesn’t end there as it can be changed at any time.

And your bank can decide to cancel the offer when and however it likes.

That means, your bank can withdraw a mortgage offer for certain reasons.

And yes, it is going to stand in the way of your housing plans.

To dig deeper into this question, “Can a bank withdraw a mortgage offer” we’ll elaborate more on it.

Here’s why a bank can withdraw a mortgage offer

Your bank can withdraw a mortgage offer anytime, even if there have been contracts exchanged.

And while filling out the form, you’d see the terms related to withdrawing a mortgage offer.

Hence, you need to understand that you should read the terms properly.

That said, what are the reasons when a bank decides to withdraw a mortgage offer?

Certain factors lead to the cancellation of the mortgage offer.

This happens when your bank finds out that you don’t meet the requirements anymore.

1. Affordability or changes in your financial position

The change is inevitable in certain circumstances of your life.

For example, when you lose a job, you might not be able to cover the repayments.

This and other factors such as changes in your financial position can revoke a mortgage offer.

2. Expiry of the mortgage offer

Another reason why your mortgage can be withdrawn depends on the bank entirely.

For example, if you fail to provide necessary documentation within a certain period, it gets revoked.

3. False Information

When your bank detects any information you provided to them is false, they have the right to withdraw the offer.