Looking at an alterntive at late stage?

Pammy

Hi,

I have an AIP via a broker with a lender with extremely high fees, such as the arrangement fee

We have applied now formally and a suvey carried but no offer yet

Despite being turned down by high street lenders due to a credit glitch I contacted another Lender who has found me a deal at a much better rate and much lower fees.

He does charge once the AIP is agreed but nothing like the fees I am being charged potentially by my curreny lender.

As we are on the verge of getting a formal offer is it a bad idea to look into this alternative?

Cannon_Fodder

Does the difference make up for having the cost of a second survey ?

Having already had at least 1 failure, plus the 1 in progress, a third might start to damage your credit record.

And there's no guarantee that when fully considered, the 3rd Lender won't find same/another reason to decline as the first lender.

Yesterday you said of the Packaged application; "If anything goes wrong now I will be gutted to such an extreme". https://forums.moneysavingexpert.com/discussion/2422087

I'd wait to be sure you have even an expensive fully approved mortgage to fall back on before contemplating more expense/time.

Pammy

Thanks.

Yeah I would like to see the expensive option as a fall back. The arrangement fee is in the 1000's as opposed to 100's from this other lender.

I guess I wasnt sure if I should action something now or wait until next week when we have a decision.