So we lost our buyer last week and therefore have had to inform,the vendors of our prospective new house....understandably that house is,back on the market.
we are a long way down the mortgage application road. They haven't gone to do the survey yet though and of course i paid the application fee and survey fee of about £350.
my mortgage advisor suggested still going through with the last parts of the mortgage app since we have paid for it and if we can find a,new,buyer soon it may be possible to resurrect the purchase. Even if we find a new buyer in the next couple of months could we then switch the mortgage application to a different property without starting again? I believe the mortgage is valid for 3 or 4 months. Mortgage advisor said she would try and slow down the application by holding onto paperwork for a couple of days before sending it off.
however, when i informed esatate agent we still want the mortgage company survey to go ahead she informed me you can get a refund if you cancel. Is this right and if so what percentage of the mortgage app could,be refunded?