New DIP required - stick with same lender?

orangecrush

Evening all,

We had a DIP and mortgage approved back in Feb for a particular property. We suspect the sale is about to collapse.

Our broker applied for our DIP at the specific amount we needed to borrow, so we aren't sure what the maximum (not that we necessarily will go there) the building society will lend us is. We also don't have a DIP to show EAs if we need to secure another property. Broker has quit his job, so we're a bit stuck. (We have approached a few others but I suspect they are all enjoying the bank holiday).

I'm wondering if it would be best to get a new DIP over the weekend, while we're viewing other properties. And in that case, should we go back to the same lender? We're worried about the impact of the existing credit check and any additional ones from a new DIP, and whether that might affect us getting another mortgages approved.

For some reason I have a (probably incorrect) notion that if we went back to the same lender they could connect the dots and realise that the credit checks were done by them and that we hadn't been applying for credit willy nilly. Of course the current property may work out, so would we scupper that mortgage with extra credit checks?

Has anyone had experience of this? I know we aren't the first people to have to pull out of a sale and start again, so we're hoping someone may have some wisdom or wisdom!

Sorry for the rather rambly post!: D

Many thanks in advance for any help!

ACG

Personally I would go and view properties, IF the agents want to see a copy of the DIP just give them the one you have and explain the previous sale fell through because of the vendors but there will be no issue you getting a new DIP you are just reluctant until you have an offer accepted.

If you do a DIP today, it is based on the best lender today. If your offer is accepted next week you either may no longer fit criteria (lenders do change criteria) or it may no longer be the best option (as rates also change).

orangecrush

Fab, thank you so much!

If we did go for another property, are we better sticking with the existing lender? An uninformed check of the MSE best buys suggest there are cheaper options. But will having a recent credit check damage our chances with other lenders? (And I know cheap doesn't mean best for us!)

Thanks again!!

ACG

I would rather not answer as it depends on your circumstances.

orangecrush

OK, no problem, thanks so much!!