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Can I have two mortgage offers open at the same time?
ale2007
Posts: 14 Forumite
hi,
I have been trying to buy property for long time.
Found property, lets call it property A, 9 months ago but due to various reasons we still didn't exchange the contracts.
Because its been taking so long worried that I might not buy it at all, I started searching for another property, lets call it property B. And I found it. So I decided to go with witch ever property goes ahead first.
I have mortgage offer from bank on property A, but would like to also get mortgage offer from property B.
And whichever property goes ahead first I will buy it.
My solicitor from property A said to me that I can have only 1 mortgage offer from one bank on one property. Is he right? or did he said this to me to scare me off, so I do not search for another property?
He said to me that if the bank see that I have two mortgage offers open on two properties I will not get money from the lender at all.
Does anybody know If I can have two mortgage offers open?
Thank you
I have been trying to buy property for long time.
Found property, lets call it property A, 9 months ago but due to various reasons we still didn't exchange the contracts.
Because its been taking so long worried that I might not buy it at all, I started searching for another property, lets call it property B. And I found it. So I decided to go with witch ever property goes ahead first.
I have mortgage offer from bank on property A, but would like to also get mortgage offer from property B.
And whichever property goes ahead first I will buy it.
My solicitor from property A said to me that I can have only 1 mortgage offer from one bank on one property. Is he right? or did he said this to me to scare me off, so I do not search for another property?
He said to me that if the bank see that I have two mortgage offers open on two properties I will not get money from the lender at all.
Does anybody know If I can have two mortgage offers open?
Thank you
0
Comments
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Im not sure if there are any rules or not, but I imagine if the banks did find out they may pull their offer. I think the main thing is that you do not complete on them both.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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