Two mortgage meetings today

pieboyjr

Morning all, just after a bit of quick advice. I've seen a property I like, put in an offer which was accepted on Monday. I set up the mortgage meeting straightaway with the bank who gave me an AIP, I'm meeting them this afternoon to do the full application.

In the meantime I've found a potentially better deal at the building society who will do an AIP and potentially full application at lunchtime today on the phone.

Is there anything to restrict me applying for a mortgage through both if the AIP for the building society looks good or will this have an adverse impact in terms of credit / incur costs? Myself and the vendor are looking for a quick sale (I'm an FTB buying an empty property) and I would like to keep avenues open if possible.

I'm a worrier by nature and extremely nervous about the whole process so any advice is appreciated.

Malmo

What you are proposing to do is inadvisable & inefficient at best.
Why not just identify the right lender for your circumstances (either yourself or via broker) and apply with that one?

pieboyjr

Thanks - if the building society is prepared to offer the required lending I will most likely go with them. My other worry is annoying the bank who we've set the meeting up with afterwards by cancelling last minute if the building society proves to be the better option.

Mizenberg

Don't worry about cancelling a meeting!

marksoton

pieboyjr wrote: »

I'm a worrier by nature and extremely nervous about the whole process so any advice is appreciated.

Which is as good a reason as any to engage a broker.

amnblog

I hope you can take a long lunch!

Grenage

amnblog wrote: »

I hope you can take a long lunch!

You're not wrong! Going through the application with Barclays over the phone took two hours; and I had every fact, figure and document in front of me. I'd figured on an hour tops.

Still - friendly and helpful staff.

pieboyjr

Thanks all for the above advice - spoke to the building society and they can't give an AIP for 48 hours until it has gone through underwriting in any case. We went for our meeting with the bank and our application went through the affordability and credit checks and is with the underwriters now. :-)