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Making a second mortgage application
BeardedLizard
Posts: 1 Newbie
Hi
The context:
We are moving house and have a mortgage offer in hand: this offer is in part porting an existing 5 yr fix and in part a new fix. Our current lender is no longer competive for 5 yr fixes.
The sale was paused for a month or so to conclude discussions between solicitors but is progressing now. Mortgage prices have fallen during this period to the extent that the cheapest deal on the market is now significantly cheaper than our current offer even after the ERCs on our existing loan are factored in.
I like a bargain so am sorely tempted to try for an offer for the better deal.
General information:
- Permenantly employed
- LTV - 25%
- No Defaults
- Property in London
My question(s):
Your thoughts and experience would be gratefully recieved!
The context:
We are moving house and have a mortgage offer in hand: this offer is in part porting an existing 5 yr fix and in part a new fix. Our current lender is no longer competive for 5 yr fixes.
The sale was paused for a month or so to conclude discussions between solicitors but is progressing now. Mortgage prices have fallen during this period to the extent that the cheapest deal on the market is now significantly cheaper than our current offer even after the ERCs on our existing loan are factored in.
I like a bargain so am sorely tempted to try for an offer for the better deal.
General information:
- Permenantly employed
- LTV - 25%
- No Defaults
- Property in London
My question(s):
- If I make an application for the cheaper mortgage will this jeapordise our existing offer?
- Will another lender entertain my application with such a recent mortgage application footprint on our credit file?
Your thoughts and experience would be gratefully recieved!
0
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