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Mortgage Application Cancellation

logie48
Posts: 98 Forumite


Hi,
Looking for a bit of advice on a remortgage application.
I recently applied to a new lender for a remortgage. I spoke to my current lender 3 months before the product end date, and they were offering me a poor rate for a new offer. After phoning them, I resigned to a remortage with a new lender. I then went through the process with the new lender, had the offer on the table, and currently going through the process with the conveyancing solicitor that new lender has appointed.
Since then, I jump into my current lenders list of offers and now see they are offering a rate which is under my new lenders rate. I am not too happy with my current lender, as the mortage advisor who I spoke to gave me the whole, "I know we offer more competitive rates, but i'm sorry that is the best we can offer you". Now, the new rate is in line with their new customer rates, which I don't know if they've caught wind of my application with the new lender knowing i'm ready to go elsewhere; bit shoddy nonetheless.
Anyway, question is, can I cancel the current remortgage process so far down the line. My calculations, factoring in fees, cashback, differences in monthy payment/capital repaid, is around £100 across both mortgages. But £100 is £100. I've had the offer from new lender and going through the conveyancer's questionaire and standard security as we speak. I should add, i've added £10k onto current application to cover some home improvements, which may be a considering factor. Also, my product end date is in just over a months time, so I assume I have plenty of time to get things sorted with current lender. However, I'm thinking of cutting my nose off to spite my face, and not give them the business for their approach.
Any help would be appreciated.
Looking for a bit of advice on a remortgage application.
I recently applied to a new lender for a remortgage. I spoke to my current lender 3 months before the product end date, and they were offering me a poor rate for a new offer. After phoning them, I resigned to a remortage with a new lender. I then went through the process with the new lender, had the offer on the table, and currently going through the process with the conveyancing solicitor that new lender has appointed.
Since then, I jump into my current lenders list of offers and now see they are offering a rate which is under my new lenders rate. I am not too happy with my current lender, as the mortage advisor who I spoke to gave me the whole, "I know we offer more competitive rates, but i'm sorry that is the best we can offer you". Now, the new rate is in line with their new customer rates, which I don't know if they've caught wind of my application with the new lender knowing i'm ready to go elsewhere; bit shoddy nonetheless.
Anyway, question is, can I cancel the current remortgage process so far down the line. My calculations, factoring in fees, cashback, differences in monthy payment/capital repaid, is around £100 across both mortgages. But £100 is £100. I've had the offer from new lender and going through the conveyancer's questionaire and standard security as we speak. I should add, i've added £10k onto current application to cover some home improvements, which may be a considering factor. Also, my product end date is in just over a months time, so I assume I have plenty of time to get things sorted with current lender. However, I'm thinking of cutting my nose off to spite my face, and not give them the business for their approach.
Any help would be appreciated.
0
Comments
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Sorry I meant to mention, can I cancel the application, and without any financial penalty?0
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Surely if you haven’t signed anything then you can do what you want is the answer? Do have have a contract / have signed anything that says you are taking the new product? Whether all the hassle is worth it for £100 over the course of however many years is something for you to decide.1
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Windofchange said:Surely if you haven’t signed anything then you can do what you want is the answer? Do have have a contract / have signed anything that says you are taking the new product? Whether all the hassle is worth it for £100 over the course of however many years is something for you to decide.
I have signed something related to the mortgage offer and the standard security. I guess it's trawling through paperwork to see if there is anything in any conditions?0 -
Usually you are committed only to the extent of any fees you have paid but you need to check your documentation.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.1
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