Advice needed urgently - cooling off period.

liss90

Please would anyone be able to advise regarding a cooling of period after making a mortgage application. We are first time buyers and have a mortgage in principle from the Northern Rock. We went ahead with a full application on friday with a mortgage advisor and have given him a cheque for a valuation fee.
It is a 100% mortgage with a loan added on top to pay off a current loan. Before people start telling us off for taking out a 100% mortgage we have done our sums and we will be better off than we are currently. I have even posted before and some very kind moneysavers advised us of this fact aswell.

Well I have been tossing and turning all night and the more I think about this mortgage the more I realise that is not as hassle free as it seems.

We also have a mortgage agreed in principle with the Yorkshire and that has lower interest rates, no arrangement fee and cashback. The Northern has higher interest rates, 695 arrangement fee and no cash back but we have the option to add our loan to the amount which would reduce our overall monthly payment.

I have been thinking that perhaps we could extend the period of time we pay our loan (Sainsburys) off as it is only over three years we are paying it and we do have the option to do this. We would then go with the Yorkshire and have a far less complicated product to switch when the fixed period is over.

My question is can we ring this pushy advisor tommorow and cancel our application. Will there be problems? Can we cancel our cheque for the valuation fee? Will the mortgage advisor (independent) now charge us a fee for his time? Is there a cooling off period when making a mortgage application?

I would be soooo grateful for any knowledge on this subject.
Many thanks!