Completion delayed ... can i change mortgages?

Arjy

We were scheduled for a completion date yesterday, but the sellers have asked for a months delay, which may not be a bad thing altogether, as we have since discovered new mortgage rates with different banks, are remarkably cheaper than the one we've been accepted for.

What's the protocol for changing your mortgage offer? Would it be a simple process? Would my solicitor (who seems to love to write letters off at the simplest of discretions against us) have to write to the original mortgage company? Will having an offer of a mortgage effect a new mortgage offer?

Or is it just a simple process ... ya know, you've had one offer, you can have another also.

Any information?

Thrugelmir

Have you exchanged contracts?

Arjy

No nothing. No exchange nothing.

Thrugelmir

Then you could attempt to obtain another mortgage. What would you do if the current offer was withdrawn and the next application wasn't processed in time though?

Arjy

Would the current offer be withdrawn if i was to get another offer?

kingstreet

Are you planning to ask your current lender for an improved offer from their range or are you thinking of applying to a completely different lender?