Stopping a mortgage

leehuggy72

Hello,

I'm after a bit of advice. we had a broker sort a mortgage out for us to replace our existing mortgage and to tie up some existing debt, i.e credit card,car loan...
He has been and sorted the mortgage for us based on a 150k valuation.
our key facts have come back with the relevant details of the mortgage just waiting for a surveyor to finalize things regarding value of the property..

problem is, the house has been only valued at 130k and this changes things regarding the banding the broker can get the best deal for us for..
Now he says its not a problem i'll just juggle a few things around, but you'll have a 1k shortfall on your debt your wanting to clear up on this remortgage..

Basically can i stop this mortgage going through, as its not going to achieve what we set out and to clear our debts.. i take it there will be charges now??

Senior_Paper_Monitor

Yes you can stop it.

Yes there will almost certainly be costs/charges - should all be clear in his IDD (Initial Declaration Document) and the mortgage KFI (Key Facts Information).

However, I suspect that the wasted costs will approach £1,000 figure anyway - may be best to continue. Sounds like the broker is on top of the job, so why not sit down and talk through the options with him.