Will ICS honour offers already made to first time buyers.

[stephinireland]

Hello ,
We are at the very end of the process of buying our first home , we have had a mortgage offer from Ics , contracts are now exchanged , all insurances set up , letter of offer and mortgage contracts was all signed a month ago ,
Solicitor has informed us he will now proceed with drawdown,
With the recent changes made by ICS mortgages regarding first time buyers ,
They now only lend 2.5 times salary as opposed to 3.5 when we got offer ,
Could they now refuse us at that very late stage or will they honour offers already signed ?

 

[NoRegretsCoyote]

we have had a mortgage offer from Ics

Presumably the offer is contingent on drawdown by a certain date.

What does the offer letter say?

 

[stephinireland]

Offer valid till December ,

 

[NoRegretsCoyote]

Offer valid till December ,

Well then it's valid until December


A press release by ICS cannot override a specific, time-bound offer made in writing.

 

[stephinireland]

Thanks