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am i obliged to take the mortgage offer once applied
daewoo_2
Posts: 2 Newbie
Hi everyone
this is my first post here. My offer to a house has been accepted. Now i am looking for the mortgage. Since the interest rate is increasing soon, I applied two mortgages at different places at the same time. Just in case I failed in one of them, i could have another backup and get a relatively lower interest.
The thing I am now worried is if I am obliged to take the mortgage once the application is approved. If not, do i need to pay sb. fee back to the bank? Thanks
Daewoo
this is my first post here. My offer to a house has been accepted. Now i am looking for the mortgage. Since the interest rate is increasing soon, I applied two mortgages at different places at the same time. Just in case I failed in one of them, i could have another backup and get a relatively lower interest.
The thing I am now worried is if I am obliged to take the mortgage once the application is approved. If not, do i need to pay sb. fee back to the bank? Thanks
Daewoo
0
Comments
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depends on your lenders re fees etc. you can pull out of any mortgage before completionI am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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sb fee? Could you explain?0
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think they mean survey feeI am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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sorry, a typo
yes, it might include valuation+survey fee. One mortgage i applied is HSBC, zero fee at the moment. Not sure if i need to pay these fees back if i pull out it later. But they didn't give me terms and conditions for these issues when i applied today.0
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