Can I change from my mortgage offer?

bjmurp

I have had a mortgage offer from Halifax for the house we will be buying in July but do I have to stick with this mortgage?


I have previously been to a mortgage consultant who has recommended this mortgage but I have seen better looking mortgages online. If I apply to one of these then would it effect my offer?


Can I still switch?


Thanks


BjMurp

bjmurp

bump..........

Landofwood

You can do whatever you want. Whether the new lender accepts you or not, amongst other issues, is the risk you take.

roje

Won't you lose money if you pull out now? Or is it an AIP?

bjmurp

essentially that is my question...if a new lender accepts me can I just walk away from the current offer? or am I tied in once I receive a formal offer?

bjmurp

sorry for my ignorance what is AIP?

bjmurp

and although I've received an offer would my credit rating be effected for applying again?

roje

AIP = Agreement in principle. It sounds like you got a full offer though? I think you might be liable for an arrangement fee if the offer has gone through, but hopefully someone else will come along with more info.

roje

your credit rating would be affected by the hard search done by the mortgage company but probably not to the point you wouldn't get another mortgage if that was the only search on file.

Landofwood

No, you probably won't have to pay the fee. Best to check the KFI as some lenders are different.

capwhitt

To get a mortgage offer (as in a full on not an AIP), the bank will have done a valuation and visited the property. So it may confuse the vendor somewhat if you are getting more than one valuation. So it can be a risk as the vendor can pull out at any time.

When I looked recently, Halifax rates were pretty below average so I'm not surprised you saw better elsewhere. Just because you meet the criteria online for another mortgage doesn't mean you will get it however as the underwriters may reject you for criteria that are nothing to do with credit (and they won't tell you why) so again its a risk.