Chain collapsed and vender pulled out - what do I do about my agreed mortgage?

Welshspacechick

Morning,

The title says it all really, 2 weeks approx from exchange my seller has decided to withdraw from selling his house.

I had my mortgage agreed back in August - do I need to do anything in terms of contacting the bank or just let it lapse in Feb? I am looking for another purchase should I ring to advise them of this?

Thanks 

eddddy

You say a had a mortgage agreed in August - so was that an "Agreement in Principle"?

Or do you mean you have an actual mortgage offer specifically for the house you wanted to buy? (i.e. Valuer had visited etc)

Or maybe you mean you've made a mortgage application for the house you wanted to buy, but haven't had the actual offer yet?



If you only have an Agreement in Principle - there's probably nothing you need to do.

If you've made a full application, and/or you have a mortgage offer for that specific house - it's probably best to tell your broker/lender that the purchase isn't going ahead at this stage (because I guess there could be a remote possibility that the seller changes their mind again.)

You can also ask if any application fees or other fees could be transferred to another application for another property - or whether they'd be lost.

Welshspacechick

It was a fully approved mortgage offer for that specific house. 
Thanks it sounds like it's a good idea to give them a call, if no other reason that to ask about the application fee.