Is this possible?

fairy_lights

Me and my partner applied for a mortgage back in May and our application was successful. Due to a lot of delays and waiting (our vendor is purchasing a new build) we haven't moved yet but will probably complete in early October.
Someone suggested to me that because interest rates have come down so much since our mortgage application was initially made, we should consider cancelling and reapplying for our mortgage to get a better deal.
Is this even possible? I would have thought that a mortgage company would not look kindly on people cancelling and reapplying for the same mortgage, so I'm inclined to think they would not allow it. Plus there's always the risk that our application would fail a second time.
But I thought I'd ask anyway as my friend is convinced it's a brilliant plan :rotfl:

ACG

You can ask your current lender if they would allow you to switch to a new product. Some will, some wont, some may want you to go through the process from scratch but it does happen.

Also, check what if any fees are involved.

Wh05apk

I assume you applied direct? It may be others lenders-who may even offer a free valuation will offer lower rates, so there may be no cost involved in applying elsewhere.

sp9567

In my opinion, it depends on how much difference it would make. Definitely worth looking into and not something you should feel uncomfortable asking the mortgage provider about especially if you have not started making payments towards the mortgage already approved. It can only be quicker with the same provider as you would not have to chase around/prepare paperwork again.

Know of a few people who have remortgaged with the same provider and have found it to be a rather simple process.