Can Anyone Help? I need some advice!

rtw123

Hi

I applied on line for a fixed rate mortgage with the Cheshire last night - 5.75 for 3 years with £900 arrangement fee. I submitted my application and now awaiting a decision.

However, I have just found a slightly cheaper deal with Yorkshire Bank - 5.69 for 3 years 4 months with £800 arrangement fee. Not sure what to do. I know it's only slightly lower the rate and £100 less on the arrangement fee, but it's still money in my pocket if I go for the YBS one.

Should I go for the YBS one and call Cheshire on Monday to cancel my application? Will this go against me as I will have applied for 2 mortgages then?

Can anyone advise if I can do this and wheter I would be penalised for submitting 2 applications for a mortgage, even though I will try and cancel the Cheshire one on Monday.

Can anyone comment on Cheshire and YBS, as if YBS are a nightmare then I may be better of staying with Cheshire!

Thanks for any comments, greatly appreciated

apk1

Nothing to stop you applying elsewhere, it will not go against you.

Only thing to consider is whether you have paid the application fee up front or not, if you have this may not be refundable.

rtw123

Excellent, thanks for this :T

I've not paid an application fee as yet so will get straight on the net and will apply for the YBS Mortgage - more money in my pocket, even if it is only a few quid!!!

MortgageMamma

be aware though if your credit rating is impaired in anyway these lenders may not accept you, and not only that, if you continue to make more online applications your credit score could be damaged.