Remortgage advice

[Janosh]

I am due to complete on a remortgage on Friday and I have just received my redemption statement which indicates a shortfall that I was not budgeting for. I am fuming with my mortgage broker, but that's another issue.

I can pull out of the application and just renew a fixed year term with the current provider, however will this have an effect on my credit rating?

ie. Is there a blacklist for people that have pulled out of applications at the last minute? I have otherwise excellent credit history, but have been mislead by a lazy broker.

TIA

Edited by Janosh on Wednesday 1st March 14:12

[Smirnoff]

It wont have any affect at all, how did you have a shortfall, did the broker do the mortgage he is repalcing too or did you give him the numbers?

[Janosh]

Great - thanks.

On further research, I believe that pulling out midway through an application can be detrimental but it looks like declining an offer is ok.

I suggested the loan value based on the repayment schedule - my broker just took my suggested number and ran with it despite numerous requests to check the balance / redemption statement. At the eleventh hour I find out that we're short!

Just lazy and a waste of everyone's time.

[Smirnoff]

Pulling out mid way is only bad if you are meant to prove something and you pull out because you cant, like income. I'm not going to defend your broker but the only person who can get the redemption statement is you or the lawyer acting on your behalf the broker cant under data protection unless you give permission to your lender which is pointless as you have to call them and you might as well ask for a statement when you are on the phone. However as part of doing the mortgage the broker should have asked you to obtain a copy of your redeption statement. It shouldnt be too difficult to ammend the loan amount to what you need.

[Sarnie]

Smirnoff said:

the only person who can get the redemption statement is you or the lawyer acting on your behalf

This.

It's suprisingly common though. I ask people for a current balance and they come back with "About £XYZ".......when pushed further and asked to get an exact current balance is nearly always "£XYZ" +/- a few thousand pounds which can cause issues like this at completion.

OP, there is no register or list of people that have pulled out of applicants, you are legally free to decline the offer at any point up until completion takes place.

[Janosh]

Thanks gents - application cancelled & fixed term renewed with current provider