Can I apply for a mortgage with a alternative lender with an existing application?

sturgeon

My mortgage application is on hold with Halifax right now as there was a problem with the valuation of the property. This is in the process of being resolved, but will seemingly take ages...it's already taken almost a month.

I've been advised Halifax are the only ones downvaluing the properties at the development I'm buying at, whereas other lenders aren't.

Can I start applying for a mortgage with another lender whilst this is going on? If and when it comes to valuation stage the developer are prepared to pay the valuation fee. Are there any consequences of this? Can I continue the process with Halifax? And will the new lender see that I'm already applying for a mortgage and ask questions?

I understand that it may be questionable that some lenders are valuing these properties more and some less, however that's not the advice I'm asking for.

opinions4u

You can apply for as many mortgages as you like on a single property.

As long as you only complete on one of them!!

chivers1977

sturgeon wrote: »

My mortgage application is on hold with Halifax right now as there was a problem with the valuation of the property. This is in the process of being resolved, but will seemingly take ages...it's already taken almost a month.

I've been advised Halifax are the only ones downvaluing the properties at the development I'm buying at, whereas other lenders aren't.

Can I start applying for a mortgage with another lender whilst this is going on? If and when it comes to valuation stage the developer are prepared to pay the valuation fee. Are there any consequences of this? Can I continue the process with Halifax? And will the new lender see that I'm already applying for a mortgage and ask questions?

I understand that it may be questionable that some lenders are valuing these properties more and some less, however that's not the advice I'm asking for.

Not sure who told you that the Halifax would be the only ones downvaluing - your broker/developer? You may well find that the same surveyor goes out or that even if not the property will still be downvalued. I hear all the time that the Halifax are valuing higher than other lenders. I think that it all depends on the property and whether the "value" to be paid is correct. Be careful before you incur any costs.