Cancelling a mortgage application

brotherbarry

So I've had an offer accepted on a property, and earlier told the broker I had been dealing with to proceed with the application.

However shortly after, I found out I may be able to get access to a much much cheaper rate (saving me around £200 a month in repayments).

I quickly emailed the orginal broker to stall him, however, received an email back saying the application has been submitted...

Now, am I easily able to remove this application if the second broker comes back cheaper? I have not yet made any payment to the original broker

ACG

Remove the application from where? I would not cancel the original application until you know any other application is likely to be accepted.

£200 a MONTH cheaper? Surely that is not right?

brotherbarry

So currentl mortgage application has been made with Accord at 3.65% for a 95% LTV. This was just submitted this afternoon, however no arrangement fee or broker fee has been paid.

The new cheaper mortgage is with Market Harborough and is 2.89% for a 95% LTV.

If I was to withdraw the original application immediately would I avoid paying any fees? Or are these now sunk costs and so would be better off processing both applications?

ACG

There is no set answer, it depends on what has been agreed and what has been signed.

Have a look at your illustration. There will be a section relating to fees which explains what fees are chargeable, when and if they are refundable.