Multiple Mortgage Applications
Discussion
Currently in the process of remortgaging.
Have sumbitted one application which has been accepted in principal and am expecting a formal offer within a week.
In light of today's rate cut and with the expectation of more to come, the product I've applied for is looking increasingly unattractive.
Obvilously I can only actually accept one mortgage offer, but is it possible and/or legal to make another application for a more attractive product without actually declining the original offer so as to be able to use the first successful application as a fallback option should the second application be unsuccessful ?
Have sumbitted one application which has been accepted in principal and am expecting a formal offer within a week.
In light of today's rate cut and with the expectation of more to come, the product I've applied for is looking increasingly unattractive.
Obvilously I can only actually accept one mortgage offer, but is it possible and/or legal to make another application for a more attractive product without actually declining the original offer so as to be able to use the first successful application as a fallback option should the second application be unsuccessful ?
Applying for multiple loans/mortgages close together might set alarms off with the credit rating people, but I don't see why you shouldn't get multiple offers. Of course you would only be able to accept one of them since accepting the first one would render the other offers invalid (since your circumstances have now changed).
Seight_Returns said:
Currently in the process of remortgaging.
Have sumbitted one application which has been accepted in principal and am expecting a formal offer within a week.
In light of today's rate cut and with the expectation of more to come, the product I've applied for is looking increasingly unattractive.
Obvilously I can only actually accept one mortgage offer, but is it possible and/or legal to make another application for a more attractive product without actually declining the original offer so as to be able to use the first successful application as a fallback option should the second application be unsuccessful ?
What are you looking to do? Fixed rate I presume? I'd wait. Mul;tiple mortgage apps are possible, but will raise eyebrows and will damage your credit score. Have sumbitted one application which has been accepted in principal and am expecting a formal offer within a week.
In light of today's rate cut and with the expectation of more to come, the product I've applied for is looking increasingly unattractive.
Obvilously I can only actually accept one mortgage offer, but is it possible and/or legal to make another application for a more attractive product without actually declining the original offer so as to be able to use the first successful application as a fallback option should the second application be unsuccessful ?
ok, your second point is fair enough, but fixes are a fair way behind base at the moment (althoguh there is no clue how far they are going to drop.
Lowest I've seen so far (for a 2 year, I'm ignoring 1 year fixes, they all stink and tie you to a s
t BRT afterwards) is 3.49% butt he app fee is horrendous. There's another one pretty close , with a fixed fee which is still eye watering, so its down to total/true cost. (Both those are 60% ltv)
Of course if the lender you are currently talking to has lowered their fixed rates you might be able to switch the rate, although some will charge you a fee for that. Others will charge you a fee if its post offer, and some simply wont alow it.
Lowest I've seen so far (for a 2 year, I'm ignoring 1 year fixes, they all stink and tie you to a s
t BRT afterwards) is 3.49% butt he app fee is horrendous. There's another one pretty close , with a fixed fee which is still eye watering, so its down to total/true cost. (Both those are 60% ltv)Of course if the lender you are currently talking to has lowered their fixed rates you might be able to switch the rate, although some will charge you a fee for that. Others will charge you a fee if its post offer, and some simply wont alow it.
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