Mortgage Application Cancellation at late stage

colliwag85

Currently remortgaging from Chelsea to TSB. Really good 5 year fixed rate with TSB and fee free (in fact £500 cb). Only downside is early repayment charge which up until a week ago i didn't think would be a problem...

Problem is me and my partner have suddenly realised we quite fancy moving house in the very near future due to a really good valuation on our property and this is why i'm now in a dilema...

The current remortage is in my name only but if we were to move house we would need a joint mortgage and would require some additonal borrowing. The TSB mortgage app is at the stage where by they are just waiting for the redemption statement from the Chelsea then we'll get a completion date. In an ideal world i'd like to cancel the TSB remortgage app and start all over again but i 1. don't know if this is possible 2. worried tsb will charge me and 2. unusure whether it'll negatively affect my credit score. Another option is i let the TSB mortgage go through and then ask to have my partner added and port it to a new property with additonal borrowing but again i'm not sure whether this is possible.

Anybody had any experience of cancelling a mortgage app at such a late stage? And are my 3 worries above justified or will i just cancel and that'll be the end of it?

Any help much appreciated!

Cheers,

amnblog

1. Yes you can- be quick these cases tend to resolve swiftly.
2. Check your illustration
3. It should not be an issue

You certainly do not want to land yourself with an early redemption penalty that you could have avoided.

colliwag85

Ok thanks for your response. Will let you know how I go on on Tuesday when I ring them. Can't see anything in the illustration to suggest there's a cancellation fee so fingers crossed it'll all be fine.

Cheers

amnblog

If there was a booking fee you may lose that.

colliwag85

No booking fee. They were in fact giving me £500 cashback to take it. Shows how much money they make on mortgages

amnblog

£500 is the tip of the iceberg

TrickyDicky101

how much is the remortgage? If it's over 250k then you will have SDLT to pay if you move the property into joint names at the same time.

Twiglet21

Hi. Don't worry it's simple.
My advice would be to get a financial advisor, they'll make no charge as the lender pays them on completion. They'll sort it in a matter of days.
We did this, had new mortgage offer the day after, with halifax, they're known as being one of the fastest lenders about.