Two mortgage applications at the same time

rizwan567

Hi All

My offer has been accepted for my dream home. I need loan of 70%, working and apparently fulfill all the requirements.

I don't want to loose on this property so I dont want to leave any stone unturned. Therefore in order to maximize the chances of success, I am looking to make two simultaneous mortgage applications with different lenders. I don't mind paying two valuation fees.

My question here is, is it a good idea? OR is it workable? Can second application with 2nd lender affect the chances of success with first lender. I have already started an application with Santander and I am planning to make one with HSBC next week.

I wait for your replies.

ethank

Do you have an AIP as yet?

chambta

Sounds like a waste of money to me. Why, if one valuation is instructed, would you want to be paying for another? You may well find that the same individual does both anyway!

rizwan567

Valuation is not yet instructed. Money (valuation) is not an issue.

Lets say, after 10-15 days of dealing with the lender I am told that my application is not successful for whatever reason then I want to have second option ready as a stand by to save time.

So questions still remains there:

Can one make two mortgage applications with two different lender for the same property at the same time?

rizwan567

ethank wrote: »

Do you have an AIP as yet?

Yes, I have AIP. Yesterday, I have already submitted/uploaded 8 page mortgage inquiry form and last 3 monthly salary slips to santander. I am told that I will get a phone call from them Tuesday morning and they will take me from there.

rizwan567

Anybody please?

ethank

If you have an AIP why bother with another application. As long as nothing scary comes up during the process up to offer you will be fine.

You will get credit searched again prior to release of funds. Why give them a reason to get jittery about?

chambta

rizwan567 wrote: »

Valuation is not yet instructed. Money (valuation) is not an issue.

Lets say, after 10-15 days of dealing with the lender I am told that my application is not successful for whatever reason then I want to have second option ready as a stand by to save time.

So questions still remains there:

Can one make two mortgage applications with two different lender for the same property at the same time?

The fact you've applied for the other one would increase the chance of receiving bad news I suspect.

If it was such a great idea more people would do it. And they don't.

Let_Us_See

Don't. Multiple applications will possibly ring fraud alarm bells, and even if you can eventually prove fraud was not your intention, then muck sticks, and you might end up unable to obtain any mortgage.

rizwan567

OK Thanks a lot for your answers. I will definitely not apply with second lender.