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Material Change of Circumstances

Material Change of Circumstances

Portrait of Justin Whitelock, founder of Mortgage London, standing in a park

By Justin Whitelock

Founder of Mortgage London (a trading style of City Finance Brokers Limited, authorised and regulated by the Financial Conduct Authority, FCA No. 766295)

A significant change after application affecting borrower position, property status, or transaction details, prompting lender reassessment.

Related glossary terms

Qualifying Property

An eligibility concept describing property meeting specific conditions attached to a relief or scheme, varying by context.

Visa Mortgage

A mortgage assessed for applicants whose right to remain in the UK is based on a visa rather than indefinite leave or settled status.

Completion

The legal stage at which property ownership transfers from seller to buyer, with mortgage advance and any remaining purchase funds paid through the conveyancers.

Exchange of Contracts

The legal stage where buyer and seller become contractually committed to the purchase, with buyers typically paying an exchange deposit.