Can you make more than one mortgage application at a time?

madeupname1

I have made an application with one potential lender this morning. The application is to remortgage my current home from a different lender. The application is a for a 2 yr tracker mortgage and requires 80% LTV. There is an arrangement fee but I am told that it doesn't become payable until I have signed and returned the paperwork.

Due to a bit of good news it turns out that I may be able to get down to a 75% LTV which may qualify me for a fixed rate mortgage with a different lender at 0.09% less than the tracker rate on the application I have made. The arrangement fee is the same.

The second mortgage (if I qualify for it) would be much better for me because the rate is less and, more importantly, fixed.

I am thinking about applying for the second mortgage as well but wonder if there are any rules against me doing so.

betmunch

Theres no reason why you cant apply for two mortgages at once.

There might be a bit in the application that will ask if you have, or intend to apply for another mortgage while this one is going through.

The lenders may not like it if you are applying for two mortgages at the same time, but you can definately do it!

madeupname1

Cheers. That's good (although I suppose that 2 credit checks in a short period may not go down to well:o).

betmunch

Well that would depend on your personal circumstances my friend!