Last minute mortgage lender switch

alladin

Hi,

I'm in the process of buying a house, and after almost 4 months we're now only a couple may be three weeks aways from signing papers.

I have a mortgage lender, they have approved the loan amount and their surveyor has approved the property is worth the asking price.

However, I've been keeping an eye out for better mortgage interest rates and they seem to have come down a bit since I did my application. i'm getting an LTV of 80% 2 year fixed at 1.99% interest rate, but 2 lenders have popped up offering an LTV of 80% 2 year fixed at 1.65%. A £300 difference in monthly repayments.

What can I do? I don't want to jeopardise my chances in getting the house but a £300 saving per month is huge!
1. Is it too late to swap to another lender?
2. Shall I not tell my current lender i'm looking to swap and start up a new application in hope that I can get things approved in the next couple of weeks?
3. Shall i tell the Post office/Leeds Building Society that i have a mortgage already approved (i'm sure they'll find out anyway)
4. Is there anything I say/do to get the Post office/Leeds BS to speed up a mortgage application

Any advice greatly appreciated.

mrginge

.34% difference in rate is £300 a month ?

That sounds like a very large mortgage.

alladin

Opps, that was silly of me. I compared it to my current lender's first month's initial value which is around 1400 but it then drops 1170.

Thanks for pointing this out. Can't wait for this to get completed the stress is getting to me!

usefulmale

All I can say about Leeds Building Society is to run far and run fast. It took us 3 months of messing around to even get to the valuation stage. Needless to say, we lost the house.