Received mortgage offer, is it too late to change?

scottishgirl87

This is purely speculative at this stage but our house purchase has stalled on the seller’s side and at the moment we have no idea when we can get the keys. We are at the stage that everything has been done on our end and we have a mortgage offer in place from the Halifax but we can’t progress any further.

During this time my partner has been told of a promotion at work meaning he’ll be earning slightly more money than when we applied. I was wondering if there is an opportunity there to ask our broker to re-assess our mortgage offer to see if there is now perhaps a better deal out there for us?

Would this be a crazy thing to ask? Obviously we wouldn’t consider it if it’s going to delay things further but as we’re in Scotland we applied with the Halifax on a Thursday and had our offer letter by email on the Monday with the postal copy following.

liviboy

If you’re in Scotland then surely you have a date of entry on your offer? If so then unless there were conditions put on the acceptance you should get your keys on the date of entry. If conditions were made and further accepted by you then you’d need to check with your solicitor about implications for you.

scottishgirl87

The date of entry which was on our original offer has now passed and despite chasing we still do not have an idea of timescale from the seller so no idea of a new date of entry. At the moment we’re in complete limbo.

I’m just not sure if it would be okay to look at a different deal. I’ve just checked my credit report and the Halifax search is on there, however, hasn’t affected my credit score.

davidmcn

liviboy wrote: »

If you’re in Scotland then surely you have a date of entry on your offer? If so then unless there were conditions put on the acceptance you should get your keys on the date of entry.

There are always conditions in the acceptance. The date of entry isn't fixed until missives are concluded.

scottishgirl87

Well I asked our broker and they have advised against it However, I have seen a deal with First Direct which is £140 per month less than our current offer and their calculator suggests they would lend us up to £10k more than we want. I understand First Direct only deal directly so wouldn’t be available through our broker anyway.

We’re probably too scared to take the risk but it is tempting to save £1680 a year!

kingstreet

£140 a month?

What size is the mortgage?

Why Halifax in the first place? It isn't that great on affordability with three or four lenders usually offering to lend more and its rates don't normally set the world on fire.

scottishgirl87

kingstreet wrote: »

£140 a month?

What size is the mortgage?

Why Halifax in the first place? It isn't that great on affordability with three or four lenders usually offering to lend more and its rates don't normally set the world on fire.

It ended up with Halifax as we are pushing our affordability, however, a quick look online and various other lenders say they would lend us the same amount - First Direct and Nationwide being 2 of them. Even when I look on Halifax direct just now there is a better deal that is £40 per month less than what we will be paying.

Like I said we’ll probably stick with what we’ve got as too scared incase we mess it up but can’t help but wonder!