Cancel A Mortgage

POOL_W1NNER

Hi , need some advice on this

basically i was intrested in buying a house and now would like to cancel because of a financial problem
i have gone through the mortgage procedure and paid the mortgage advisor £750...for getting me a mortgage.....i have not yet paid any deposit and the house is still in the sellers name.

i want to know would their be any problem in me cancelling ?
1.Would it affect my Credit rating?
2.Would i Face any problems getting a mortgage in the future?
3.Is their anything else i should do other than advise the mortgage lender/Advisor +seller of my decision?

thanx

homer_j_3

providing you have not exchanged contracts then you have to right to pull out at any time without any further cost.

You would be better speaking to your solicitor to confirm this as they will know which stage you are at in the legal side of the transaction.

If you cancel your mortgage, then you may end up losing the money paid to the adviser (or still be liable for it if not paid) but you will need to read the the key facts document that was provided to you by the adviser.

If you have paid for valuation and this has been carried out then you will lose this money, if the val has not happened then you may be entitled to a refund in full or part for this.

As far as credit history goes, you will show as having applied but not proceeded, this should not have a adverse problem on your credit file.

My advice would be speak to the adviser and solicitor and explain what has happened and they should be able to tell you what you need to do, if anything and what you are liable for (if anything).