mortgage audit?

[loltel]

i am selling my house and the buyer has been told his mortgage has been delayed because of an audit, not sure if im being told the truth

it is a new application via a broker as he is a first time buyer, he has been offered the mortgage in principal but he has not had the offer in writing because of the 'audit' on new applications??

we are in a small chain of 4 and all had been prepared to exchange last week (friday 4th march), our buyer was told on the thursday that his application had been pulled for audit and no indication how long it would take.

This causes a problem because the vendor at the top of the chain has adamantly insisted on a 4 week completion date, this would have been fine had we exchanged last week, but now our own mortgage offer expires on april 19th and is already on extension, so we will have to reapply and go through the whole process again.

so confused, anyone know how long these "audits" usually take ?

[brian]

Am afraid not, but it's worth noting that banks make an offer in principle before they make full checks, and banks can be extremely demanding on qualifying criteria on signing off on the lending.