How to hold a remortgage offer while waiting to see what rates do?

Casino_Boogie

Hello all,

My mortgage deal ends at the end of August. I recently arranged a remortgage offer through a broker. I've received the offer letter from the lender. However, I'm obviously hoping that rates fall before I need to remortgage and that I can switch to a lower rate, perhaps with another lender.

The broker set me up with a solicitor, who sent me an estimate suggesting the remortgage would cost £470. I asked them to not do anything yet and they've put my case on hold.

The broker has suggested that I should accept the offer and that I can still pull out if required, as long as I haven't completed. The lender's offer letter suggests that to accept the offer I need the solicitor to prepare a mortgage deed. However, this will obviously incur fees.

The offer letter says the offer is valid until September! This suggests I can hold off from accepting the offer until I'm certain I want to go ahead, i.e. once I've seen what rates are doing.

So, now that I have an offer letter, can I just sit on the decision until later? Or do I need to accept the offer now and pull out later if required? If I do have to accept the offer, how can I minimise the solicitor's fees I'm paying?

Thanks in advance for any advice!

ACG

You can pull out of the mortgage at any point up until you draw down on the funds (usually a day before actual completion).

The legal work needs doing and can take a few weeks so there is no harm holding off for the time being, but if you leave it too long you run the risk of missing the cut off point.