Withdrawing a mortgage application and going elsewhere

peapod21

Hi all

Long time browser, relatively new poster.

My wife and I have a mortgage application being processed with Principality, however they are taking an age to underwrite and issue an offer (it's been 4 weeks already and we've now been told it can take upto 8 weeks). Had we known about the delay we would have sought a different lender as we are buying a new build and only have a limited reserve period on our new house.

Having seen the timescales other people have experienced with other lenders and following discussion with a financial advisor, we are thinking of withdrawing our existing application and starting again through a broker. Has anyone else done this or been advised to do this?

At the current rate, we'll be all sold up with nowhere to go.

YHM

Hi peapod, as I've just put on another post, this sounds like a one-off.

I've put a few applications to PBS recently and they have flown through to offer within days.

Sounds like you do need a good broker though

peapod21

Thanks for your reply.

Am I able to refer my application to a broker to handle?

YHM

Yes, but they wont be able to oversee the application you have already submitted.

It would be a fresh application, but would expect them to review the market for you as well to see if any other lenders are more suitable

peapod21

Thanks again for your reply.

What are the implications of doing this? Do I have to cancel my existing application? Will it affect my credit score/history? Are there likely to be lenders with quicker turnaround times?

YHM

You would need to cancel your original application, as no self-respecting broker would put an application in for it to then be gazumped by the pre-existing application.

It could have a nominal impact upon your credit score.

And I cannot guarantee a quicker turnaround, but considering your experiences, I would expect you to get an answer quicker than the 4 weeks you may still be waiting