Changing mortgage prior to exchange- advice please!

FThousebuyer · 6 November 2012 at 8:57PM

We have had an offer accepted on a house and have a solicitor in the process of sorting the contracts out but nothing has yet been signed. We have a mortgage offer subject to survey which is currently being instructed.

However Co-op have just released a new mortgage for people with 10% deposits at 3.99%, which is more competitive than the mortgage offer we have of 4.89% and would save us around £100 a month in mortgage repayments

My question is to whether it is too late to change mortgages? What would be the implications of this? The cost of the survey I assume at least.

All advice will be gratefully received

Simon_gloster · 6 November 2012 at 9:01PM

You can change any stage up to exchange, however the earlier the better.

It seems you are early-ish in the process and haven't shelled out any cash on a survey yet, therefore AIP stage only. You're not going to be that much further behind by swapping lenders. Just do it sooner rather than later if you are going to do it.

If it does go ti*s up, at least you have the one now to fall back on.

FThousebuyer · 6 November 2012 at 9:30PM

We have paid for the survey (through the bank) which is currently being arranged. I assume we would at least need to have a valuation through the other lender.

At which point are you actually committed to a mortgage offer?