House Buy Fallen Through - Credit Rating Effected?

Curley

I recently got accepted for Nationwide for a mortgate to buy a property. The purchase has now fallen through due to the property being taken off the market.

Will my credit rating be efftected when I tell Nationwide I no longer want the mortgage? I've never had bad ratings before and have £13,000 in savings. I'll be looking for another property soon so i'll need to re-apply for another mortgage (a differant type sinse I was trying to buy a S/O property before).

Thanks.

HelpWhereIcan

Quick answer is no.

You will also find that when you find another property to buy, the Nationwide may be willing to transfer the mortgage offer to the new property subject to valuation but with minimal further underwriting.

This actually puts you in a stronger position as a buyer as agents will know that you have already received an offer on one property and so may be able to get a revised offer based on the new property in less time than it normally takes to get an offer from scratch.

Hope this helps

Curley

Thank you very much, you've put my mind at ease.