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Can I change mortgage before exchange?
Joannaclaire
Posts: 242 Forumite
We just had our offer accepted -hoorah!
We chatted to a mortgage advisor (L&C) a month back and worked out what mortgage to go with, how much we could borrow etc.
The vendors have yet to look for and purchase a property, so I assume it will be a couple of months wait (although hopefully not) for them to find somewhere and then maybe a month or two more even (although hopefully not) for them to sort themselves out with searches etc before we get to exchange.
What happens though in the meantime, if the BoE interest rates go down a bit and the banks etc all change their mortgage deals available and a better one becomes available? Will I be committed to the deal I go for, once the ball starts rolling and I pay for the mortgage application fee etc or if the exchange is still a way off, can I jump ship if a better deal turns up in the meantime?
Hope this makes sense...
We chatted to a mortgage advisor (L&C) a month back and worked out what mortgage to go with, how much we could borrow etc.
The vendors have yet to look for and purchase a property, so I assume it will be a couple of months wait (although hopefully not) for them to find somewhere and then maybe a month or two more even (although hopefully not) for them to sort themselves out with searches etc before we get to exchange.
What happens though in the meantime, if the BoE interest rates go down a bit and the banks etc all change their mortgage deals available and a better one becomes available? Will I be committed to the deal I go for, once the ball starts rolling and I pay for the mortgage application fee etc or if the exchange is still a way off, can I jump ship if a better deal turns up in the meantime?
Hope this makes sense...
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