Possible to have more than one mortgage offer?

saint_david

We currently have a mortgage offer for a property we adore. The offer is dependant on the sale of a flat I own that has a buyer but is let out to a tenant until late September. Obviously, the buyer will not exchange until it is vacant.

We have been given a deadline of this Friday to exchange on the property we want to buy. As its risky exchanging on this property before we've exchanged on the flat sale, we'd like to have a mortgage offer in place that doesn't rely on the sale of the flat should it fall through. We've had an agreement in principal with another mortgage company to do this. Is it possible to proceed with the application and have 2 offers in place at the same time? We'd stick to the original offer if the sale of the flat goes through, otherwise switch to the other offer?

G_M

How can a mortgage offer be dependant on a sale?

Either you have the income/resources to repay the proposed mortgage and the lender is satisfied of that fact... ornot.

But to answer your question - yes,ofcourse. You can apply for as many mortgages as you want, provided you are prepared to pay for all the seperate Valuations/application fees.

saint_david

G_M wrote: »

How can a mortgage offer be dependant on a sale?

Either you have the income/resources to repay the proposed mortgage and the lender is satisfied of that fact... ornot.

But to answer your question - yes,ofcourse. You can apply for as many mortgages as you want, provided you are prepared to pay for all the seperate Valuations/application fees.

We're porting the mortgage from the flat to the new property we want to buy because the rate is good.

mail2z

I cannot see why you cannot have more than one mortgage offer on a property. In fact, I have 2 mortgage offers on the property for which I have placed offer for, for some silly reasons (don't even ask), though it involved having 2 valuation fees but again this depends upon the mortgage product and if there is a valuation fee involved. Actually while I did my online mortgage application I noted that I have an existing mortgage offer which I am doubtful of accepting and I think it actually speeded up the process on my mortgage offer.

Mortgage offer is just that, it is an offer from the lender to lend you the money, you have the right to decline their offer.