Opt out before its to late, Advice

happyfish_2

Hi all.

looking for a bit of advice.
we are in the process of buying a house, bargain even in todays market
Lady died so no chain to upset
Got the mortgage very easy for first time buyers with only 5% dep.
everything is moving forward.
banks Survey done.
just had the Mortgage papers in to sign, and then hand the solicitor the 5%.
Just found out that the company I work for are struggling.
HAVE NOT signed the papers yet

can we still pull out.

koexelek

As long as you have not actually exchanged contracts.

rp8049

Yes, you can pull out even after exchanging, although it's highly un-recommended as you lose your deposit!

happyfish_2

Phoned everyone on friday to say I wasn't going ahead with purchase.
bank told me I still have to pay the £999 setup fee, which is better than getting in big trouble with mortgage.
Just wondering if this is right, as it was only a mortgage offer until I signed the papers?

cheers