Cancelling Out of a mortgage before its started?

saxo_sazzle

Dear all,

This is only my second ever post on here but I need a bit of advise please.

Sounds like a sob story.. and it is really but today my boyfriend dedcided to end our year and a half relationship totally out of the blue. So i'm pretty distraught. And I hate his guts, to be honest.

But basically, we were just setting up a mortgage. We have got as far as using a broker to arrange the mortgage with Alliance and Leicester and they have (On Monday) Agreed to accept us... We have had papers through from solicitors and the mortgage company. But nothing has been signed. There is a survey to be done on Tuesday, so really its not all fully fledged yet.

What do you think will happen now I have to cancel the whole thing?
Penalties? Etc? If nothing is signed I presume all I will lose is the payment to have survey done. But please let me know if you can think of anything.

Kind regards

Sarah

silvercar

You can phone up and cancel the survey.

If you haven't paid any arrangement fees up front on the mortgage then you can walk away.

Your solicitor will probably charge you for work done to date, unless you had a no completion, no fee deal.

Better to pull out now than after completion! The costs of selling a property would be considerable.

dwsjarcmcd

Depends whether you have paid any upfront fees or not. If you have you will probably lose them, if not then nothing. Phone your broker and tell them you now can't proceed and ask them to cancel the application and survey, and as that hasn't happened, you should get that money back.

Don't worry about it, it happens every day, right now you have other things on your mind

David

saxo_sazzle

Thank you very, very much to all for replies x