Got mortgage offer - different scenarios

tanikk£

Hi all,

We got a mortgage offer from Halifax recently, this is a tracker with product fee for a specific property and 5.47% rate. Offer valid for a year.

What happens, if:

1) We decide not to buy at all (no purchase happens) - do we pay product fee (small print says it is payable on or before completion)?

2) We agreed on a lower price for the property - any changes to rate / amendment fees etc.

3) We find another property - any changes to rate / amendment fees etc.

4) We want to use it in 9 months time, but my employment details change - is that possible, what happens to the rate agreed etc.
?

Any opinions are appreciated.

luckyfool

1. You will have paid a survey fee on application. This is forfeited, but you would not have to pay any arrangement or product fee assuming you elected to add it to the mortgage and have not already paid it.

2. If it is just an amendment relating to the purchase price or loan amount then the product and rate should not change.

3. Halifax used to allow you to carry a product over to a new property. I believe they brought their policy into line with most other lenders recently, if you change property then you will lose the product.

4. If it is an actual formal mortgage offer, then the product etc. should not change. There may be a condition on there requiring you to tell them of a change in circumstances such as income/job etc. At that point their underwriters would potentially request supporting docs such as a contract, payslips etc and would decide if they still wanted to lend you the money. If yes, then nothing would change, otherwise they might decline it and withdraw the offer, or offer altered terms (such as a reduced loan amount).

tanikk£

Thanks, luckyfool

1. Survey fee has been paid already and I have no expectations about getting this money back, as the job was done. Product fee is not added to the mortgage, but has not been debited yet.