Until when can you pull out?

Greymug

Long story short, my partner and I have applied for a mortgage, the application is taking way longer than expected and in the meantime the circumstances have changed, therefore we are thinking about pulling out.

I'm pretty positive in thinking that there is no problem in withdrawing our mortgage application. But can we still pull out once the mortgage application gets approved?

Also, would that damage our credit score in any way?

ACG

You can pull out at any stage up to exchange of contracts. 

Cancelling an application will not affect your score.

EDIT - I assume you are not in Scotland? 

Greymug

I am in Scotland

ACG

Greymug said:

I am in Scotland

OK, ignore me then.
I have no idea north of the border.

davidmcn

ACG said:

Greymug said:

I am in Scotland

OK, ignore me then.
I have no idea north of the border.

Nothing Scottish-relevant about withdrawing a mortgage application. If the OP is buying then they need to talk to their solicitor about withdrawing from the purchase, though I would very much doubt they'd be committed legally if still awaiting a mortgage offer.

scottishblondie

You can withdraw from a mortgage application at any point, including after it's been accepted.  If you have had to pay up front fees these may not be refundable, but you would need to check with the lender.
In terms of the purchase itself, as long as the missives have not been concluded you can still withdraw without penalty.

Greymug

Thanks all.

So yeah, so far we haven't paid a penny.

foxy-stoat

Greymug said:

Thanks all.

So yeah, so far we haven't paid a penny.

No problem then, dont worry about your credit score, its only you that sees it.

emilyjane92

I'm in a similar situation. Asked them the latest I can pull out and they said any stage until contract signed. It will leave a mark on your credit score but not sure how this affects things going forward.

ACG

emilyjane92 said:

I'm in a similar situation. Asked them the latest I can pull out and they said any stage until contract signed. It will leave a mark on your credit score but not sure how this affects things going forward.

That will be relating to the credit check at time of DIP/Application.
There is nothing left on your credit report to say you were accepted/rejected/decided not to proceed nor will any of those things affect the score you see on your credit report.

Cscott139

Have missives been sorted between your solicitors? Once this is done this is effectively like exchanging contracts in England but its done much earlier in the process north of the border as far as I understand,