Twin tracking mortgage applications?

henrik1971

We are in the process of buying a property and have a 'live' mortgage application with a mainstream lender. Their surveyor has recently carried out the valuation inspection and we expect to hear the outcome of that any day now - but are guessing all will be well.

However, we have become aware of a better deal with an alternative lender and the saving on the monthly repayment is significant enough to make us think about changing horses mid stream.

Are there any specific issues with making another application with a different lender whilst the other one is still live? I know making numerous credit applications in a short time can damage your credit rating, but we are only talking two applications here. We need to leave the first application live though, just in case the new application isn't successful, or if they won't lend us enough, etc.

Are there any issues particular to the mortgage market that would mean this is a problem?

Thanks

amnblog

Changing horses in the middle of the race always carries the risk of a heavy fall.

That deal had better be much better if you want to take that risk.