purchaisng a new house after looking to remortgage current house

mootthedog

HI All

Just looking for some advice,

I have been going through a remortgage on my current house, and it is currently with the conveyancer getting settlement figures etc.

Well the process has taken some time and that is another story, but in the mean time we have decided to move house completely. The new house is a new build and the lender cannot offer the LTV we are looking for so, for all the mortgage we were looking for was portable, this mortgage will therefore not be suitable for us.

I am therefore asking what the consequence will be if we fail to compelte the current application?

I have looked at the fees on the offer, but cannto find any cancellation fees, but I guess at least I woudl need to pay for the legal costs to date and the survey fees etc.

Any advice woudl be greatly received.

Thrugelmir

mootthedog wrote: »

I have been going through a remortgage on my current house, and it is currently with the conveyancer getting settlement figures etc.

Broker or Lender?

Have you applied for a product and paid fess?

mootthedog

It was with the lender lloydstsb,

and the fees in sections 8 state of the offer, no fees apply

I just cannot see anywhere on the offer any cancellation fees, the offer expires may, and it would be the same as if I could not get the necessary funds to pay off the settlement figures I guess.

I assume that if I was to take it and complete the mortgage, they have the Early repayment charge that I would have to pay to move to the new lender, I am just wondering if this has not been compelted and I could stop it now, I would be able to minimise these charges.

Thanks

Let_Us_See

There you go.........you have answered your own query!