Changing mortgage after exchange of contracts?

1994Baz94

Hi,

I exchanged contracts on a new build back in March and have a mortgage in principle agreed at a good rate of 2.04%. I am due to complete once the new build has been complete in about 7 weeks time.

I have just read an article on martins site about Santander offering a mortgage at 1.35% - would be a saving of about £40 a month.

Am I able to apply for other mortgages after having agreement in principle agreed and after exchanging contracts on a property?

Appreciate any advice

1994Baz94

AIP is with nationwide and alternative mortgage is with Santander.

kingstreet

If all you have is an agreement in principle, who allowed you to exchange contracts?

You should have a full formal mortgage offer, which I suspect you have as you can't reserve a rate with an AIP which you also appear to have.

You can risk a new application and hope you are successful as the first offer may be withdrawn should you need to make an alteration later which affects your credit profile.