Switching Lenders FTBs

lenforder

Hello,

Just wanted some advice really

We are first time buyers, & have about 25% deposit, we got accepted for the AIP, then moved on to full application, all documentation provided & given the all clear, all done through a broker.

I wanted to ask, is it too late to move lenders even and if so do we go through the whole palava of providing all information to another lender, which i understand will leave a footprint on our file and what would be the likely hood of our application being declined?

ACG

You can move lenders right up until completion.

But it will involve a brand new application, providing documents etc.
yu have only had 1 credit search, a second is unlikely to make a major difference.

If you cant mak up the difference you have very little choice other than to try a different lender, find a cheaper property or give up.

lenforder

ACG wrote: »

You can move lenders right up until completion.

But it will involve a brand new application, providing documents etc.
yu have only had 1 credit search, a second is unlikely to make a major difference.

If you cant mak up the difference you have very little choice other than to try a different lender, find a cheaper property or give up.

Thank you, i dont really want to change & have a mark against my file each time if we go down that route.

Give up isnt really an option.

BeauLiLuLu

I'm a FTB, and swapped from Santander to Halifax as the application with Santander had ground to a standstill 5 weeks after being sent to the underwriters...
Halifax have offered in less than 2 weeks from AIP.

Wozza85

BeauLiLuLu wrote: »

I'm a FTB, and swapped from Santander to Halifax as the application with Santander had ground to a standstill 5 weeks after being sent to the underwriters...
Halifax have offered in less than 2 weeks from AIP.

So the Santander application is closed and you've gone with Halifax? have they done the full credit check yet?

I doubt it will matter to much to be honest.

BeauLiLuLu

Wozza85 wrote: »

So the Santander application is closed and you've gone with Halifax? have they done the full credit check yet?

I doubt it will matter to much to be honest.

Yep, Santander application was cancelled.
Halifax knew from the start that I had already applied previously with Abbey.

Wozza85

BeauLiLuLu wrote: »

Yep, Santander application was cancelled.
Halifax knew from the start that I had already applied previously with Abbey.

If they knew, that should help. When they do a full credit check and that abbey search shows they will know what it was for etc.

I doubt that will be a stumbling block for you.