Nationwide ReMortgage

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Jay2804
Jay2804 Posts: 11 Forumite
in Mortgages & endowments
Im in the process of remortgaging with Nationwide, my current house has no mortgage

The only reason im remortgaging is to buy another property, my question is, if the property i want to buy sells for more than i can pay can i change my mind about the remortgage? As i wouldn't want to remortgage if i cannot buy this certain property

Any help?

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  • Nebulous2
    Nebulous2 Posts: 5,116 Forumite
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    How are you buying? Surely you can work out if you will get it for the price you can afford before getting the mortgage?
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
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    Will the Nationwide release funds for the purpose you intend?
  • Jay2804
    Jay2804 Posts: 11 Forumite
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    The property will be offers over so i will have my max i can offer by remortgaging if it goes over that obviosly i dont want to be left with money and a mortgage
  • Nebulous2
    Nebulous2 Posts: 5,116 Forumite
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    Jay2804 wrote: »
    The property will be offers over so i will have my max i can offer by remortgaging if it goes over that obviosly i dont want to be left with money and a mortgage

    Well if your offer is accepted, then surely you draw down the mortgage after that when you need it?

    I did something similar, applied for a mortgage, had an offer accepted and my solicitor drew down the funds 3 days before the entry date. If I hadn't been successful my solicitor wouldn't have asked for the money and my mortgage offer would have lapsed.
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