changing mortgage before offer

the_salmon

You know when you ask simple questions but you just need someone to just confirm what you are thinking, then this is one of those cases.

Offer accepted on house, mortgage found through London and Country. Below is an extract from their letter to me...


"Finally, don’t forget our Ratecheck service means that even if fixed rates do come down, we will offer to check for better deals when you get your mortgage offer."

So at this stage I am progressing an application on a mortgage, submitting evidence etc, but haven't received an offer. Through some of my own research I have found a mortgage that is 3.44% (instead of 3.49%) but has £1k cashback. The fees appear almost identical.

I know ultimately I need to speak to London and Country (and will do tomorrow) but from peoples own experience is this change of mortgage whilst already part way in to the process an acceptable thing to do? Also what will happen around my credit? Will there be a search on my credit by the original mortgage company?

Whilst in the grand scheme of things, £1k is comparatively small (as is the slightly reduced rate) every little helps and the £1k would help fund some of the improvements we are looking at.


Thanks

amnblog

A different lender?

the_salmon

amnblog wrote: »

A different lender?

Yes its a different lender

amnblog

Then

1. You may not be acceptable as a borrower on this product in any case.

2. You will need to start the whole application process again.

the_salmon

amnblog wrote: »

Then

1. You may not be acceptable as a borrower on this product in any case.

2. You will need to start the whole application process again.

Many thanks, have had a chat to the mortgage company, not sure it will be worth my while.

Thanks

kingstreet

I would interpret this;-

don’t forget our Ratecheck service means that even if fixed rates do come down, we will offer to check for better deals when you get your mortgage offer

as suggesting if the lender to whom you have applied offers a lower rate we will try to switch you to it, not we will come back and suggest you apply to a new lender as that may not be a smart idea resulting in no mortgage offer, not two mortgage offers.

However, you would need to ask them what they intend from their statement.