Arrrgh! Is it too late to cancel my upcoming remortgage?

wjoyce

Hi,

I'm coming to the end of my current deal with the YBS at the end of this month and I've been arranging a remortgage with the Nationwide via London and Country.

All is due to complete on 1st September and I've just discovered that the YBS are offering a better deal. Is it too late to cancel the arrangement with the Nationwide and stick with the YBS?

I can't get through to the broker or the Nationwide to ask, and I don't want this hanging over me all night causing me lost sleep...

Thanks,
Bod.

_Andy_

Hi Bod

Not too late at all (I'm assuming you didn't pay any fees upfront, etc.) Just ring and cancel, it's not a problem as it hasn't completed yet.

wjoyce

Phew. No, the mortgage was fee-free and the broker gains through commission only...

Thanks for that :beer:

foreversummer

But surely if the Nationwide's solicitors will want something for the work they have done on the remortgage, valuation etc?

Foreversummer

_Andy_

According to the OP it was fee-free so the legals were presumably gratis.

terryw

A modicum of care is required here as I fear that the mortgage will only be fee-free if you actually go through with it. If you decide to pull out for reasons of your own, after several people have done work, then they will want to be paid, and it is likely that the small print will cover this. Please check this out to avoid a nasty shock.

the poster formerly known as
terry

_Andy_

This would ultimately depend on the T&Cs the OP has agreed with the solicitors concerned, definetely worth checking.

wjoyce

I called the Nationwide this morning and they just agreed to cancel the application. I asked if there were any fees payable and they said no as it hadn't completed. I'm not entirely confident that this won't be the case though so I await further correspondence.

The solicitors are acting on behalf of the Nationwide, so AFAIK I have no agreement with them directly.

payless

whether they would try and enforce it ???

but on Nationwide quotes its states

Nationwide Building Society reserves the right to collect from you any fees you have

opted to add to the loan if the mortgage does not complete or if you change products.

payless

how long will you be on a higher rate until new YBS ( or any other lender you latter swap on to if rates fall ) mortgage is ready/ completes

wjoyce

It's a straight transfer from one product to the other, one expires and the other takes effect.

Regarding the Nationwide quote, I haven't opted to add anything to the loan, so there's nothing to collect. We'll see...