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Starting a second application with new lender whilst waiting for decision?

Rmphotography
Rmphotography Posts: 52 Forumite
edited 6 May 2014 at 5:43PM in Mortgages & endowments
Just wondering if there was a downside about putting in a new mortgage application with a new lender whilst waiting for a decision from the original lender?

Bit of background info
We applied with abbey at the beginning of MARCH for a mortgage but they have gone back and forth over my wife's income saying that as she receives her income from benefits it isn't stable. We have questionned this and sent documents showing the guy who she looks after has a lifelong condition and is never going to get any better.
It's been 9 weeks now and I am being pestered left right and centre from the Estate agent, solicitor and sellers about when we will get a final decision.
I've spoke to another lender to see if they would provide us with a mortgage and explained my wife's income and they have no issues whatsoever.

So after the long ramble my question is whether there is any harm in applying for a mortgage with lender 2 whilst lender 1 is constantly saying "another week" or "send us more information and we will send you to the back of the queue"
My naive logic says that if we are turned down by lender 1 the application for lender 2 will be more advanced and therfore less waiting. And lender 2 already knows the score with lender 1 anyway.
If we are accepted by lender 1 we could cancel the application with lender 2

Comments

  • suziqqq
    suziqqq Posts: 293 Forumite
    I may be wrong but don't think you can apply for 2 mortgages at once and if you can that would involve more credit checking which will show up on your file so the bank you are currently trying to get a mortgage will see this
    If i knew the answers to all the questions i wouldn't be on here :p
  • amnblog
    amnblog Posts: 12,784 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    One at a time.

    Otherwise one application will prejudice the other.
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    There's no certainty that the same issues wouldn't be encountered with lender 2.
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