a better deal comes out halfway through application

chickenist

Hello

Sorry if this question has been asked before but I wasn't sure how to word a search for it. I'd really appreciate some advice.

We are first-time buyers and have sent off our mortgage application to Abbey through L&C, for a 5-year fixed rate 4.99%, which at the time was the best long-term deal. Now Co-op has brought out a 5-year fixed rate of 4.49%.

The question is - can we just stop our Abbey application and start a new one? The mortgage valuation hasn't happened yet and it still seems to be fairly early stages, but our seller is quite keen to sell and we're a bit worried about delaying the process. But a better rate will save us loads of money!

If anyone has been in a similar situation i'd be very grateful to hear their experience.

Thanks

opinions4u

You need to establish:

1) What fees, if any, you are liable to Abbey for if you withdraw.
2) What impact on the sellers it will have if you delay.
3) What potential impact another search on your credit file may have (probably minor).
4) What new fees may be payable to Co-op.

In the end, it's your call.

chickenist

that's very helpful - spells it out for us. i think the monthly saving is large enough that it is worth the delay at this point, but i'd better check we're not liable for any fees. fingers crossed everything goes smoothly.

thanks