Want to pull out of my re-mortgage

lucylu85

Hello


I have just signed an appliction to re-mortgage my house and and now in the process of doing all the convanancing bits however I have seen a better deal else where and would now like to pull out. I don't mind if I loose the legal fee etc but want to check that this is possible before I contact the lender. Note no monied have been paid out on either side .


Thanks

getmore4less

Seen is not the same as got.

How different is it?

AnotherJoe

Since you've only applied then of course you can withdraw. Get on the phone now.

Neutrinno

Before you pull out, are you sure you will qualify for this other deal with a different lender?

lucylu85

I’m about 75% sure I would be granted the better deal so basically what I want to know is what is the latest you can pull out if s mortgage application once signed and agreed, I case I don’t get the better deal. (I don’t want to have the full funds transfers then have to payback the entire loan plus 2.5% early repayment fee) sorry I wasn’t very clear on my first post.

getmore4less

still not said what the difference in the deals is.

Should be able to get whoever is dealing with it to put the application on hold till you give the pull/go

lucylu85

0.6% on 250k

getmore4less

That's the sort of difference you get with a change in fees or term.

not oh woops I missed it first time looking.

lucylu85

Ok let me re-phrase my Q, what is the latest point can withdraw my signed application with-out being legally obliged to commit to the mortgage and it’s terms in full, I would like to be able to pull out possibly in the next few weeks and I’m happy to forfeit any convayancing fees I may have already paid out by that point. Thanks

getmore4less

it should say in the contract,

Probably right up to the time the funds are called you can stop the deal.
lender will be able to do the same.

it must be possible to be even later because people call the funds on purchases then can't complete so give it back.

Why complicate and just put it on hold now to stop any more expense?

lucylu85

Thankyou that’s very helpful. I have read and the-read the info pack and it’s doesn’t say anywhere what my rights are to with-draw only theirs. Apparently I can put it on hold but if their rates change in mean time for this particular product then this changes will be passed on to me so that could go either way. All I can really do is hold off on the convayancing knowing that he application can’t proceed with out that being forfilled until I get my lending decision with the other provider with the better rate. I was just unsure whether signing the application I’m now legally obligated to accept the mortgage and it’s terms as technically nothing has been paid out yet. Thanks again