We were agreed for a mortgage for a property and the valuation was also completed and agreed.
About a week before our exchange date, the lender (Santander) said that they had to conduct a random audit. It has now been 2 weeks and there is no answer.They have said (through our broker) that we cannot exchange until the audit is complete. They cannot reveal what is holding up the audit. We were 100% honest and truthful with everything, not self-employed, don't own other properties, have no debt.
The seller is getting a bit aggressive and pushing us to exchange this week - which of course we cannot do. We have informed them so.
The broker is saying that if the audit is not completed by next week, he recommends us starting over with a new lender. Says he's never seen a delay like this in his entire career. I don't know if the seller will be OK with that.
Has anyone been through this and have any advice at all? I am so stressed out worried that we will lose this place and be homeless (we've given notice at our rental).
About a week before our exchange date, the lender (Santander) said that they had to conduct a random audit. It has now been 2 weeks and there is no answer.They have said (through our broker) that we cannot exchange until the audit is complete. They cannot reveal what is holding up the audit. We were 100% honest and truthful with everything, not self-employed, don't own other properties, have no debt.
The seller is getting a bit aggressive and pushing us to exchange this week - which of course we cannot do. We have informed them so.
The broker is saying that if the audit is not completed by next week, he recommends us starting over with a new lender. Says he's never seen a delay like this in his entire career. I don't know if the seller will be OK with that.
Has anyone been through this and have any advice at all? I am so stressed out worried that we will lose this place and be homeless (we've given notice at our rental).