Can I apply for two mortgages at once?

KiKi

Short version: can I make two remortgage applications to two different lenders to ensure I get at least one of those rates before they are taken off the market, or can I only make one?


Longer version: I plan to remortgage from my flexible tracker - although it's a great rate, two increases will mean I'm better off fixing.

I can apply for First Direct online, which is my preferred mortgage; however, to secure their 1.09% rate I have to apply online before I can speak to someone (waiting for an advisor means a risk that the rate disappears).

My concern is that if, for whatever reason, I'm not accepted (no real reason I wouldn't be) then I might miss out on the Natwest 1.13% rate, which I can get through my broker, so I want them as a back up.

Can I apply for the FD one tonight, and still upload all the other docs for Natwest with my broker?  (He knows I'm looking at the FD one and he's fine with that.)  

My credit score should be very good as I have no missed payments on anything; I have CCs I pay in full etc.  But I don't know if applying for one mortgage prevents me applying for another, as FD may do a credit check when I click submit.  I should know from FD in around 3 days, but I don't want to leave the Natwest application that long in case they pull their rate.

Thanks
KiKi

ACG

You can, but it is not normal and comes with risks that one or both applications may end up getting cancelled. 

I have not done the sums but does 0.05% really make much difference? 

KiKi

It's not the 0.05 that's the issue; it's missing out on one of those rates on the offchance one of those providers says no.  (Plus, the other terms and conditions are also different, such as the arrangement fee and ERCs which are significantly lower with FD).  Whilst I don't intend to change anything in that first 5 years, it seemed sensible to go with that one. 

My challenge is that I've literally just moved house - I ported my tracker.  But it seems sensible to fix now, so I need a from day one remortgage.  FD said over the phone that was fine, but I'm slightly nervous that when I speak to an advisor who'll process the application that they will say no due to the date I moved, and then I won't get this mortgage, and will miss out on the other good rates at the moment.

Thanks for the advice, though - I'll stick with one for now.

[Deleted User]

Are you paying a fee for your broker that might wipe out any savings?

If not then i cant even fathom why a broker would go to all that effort when its most likely they will cancel their application and they'll get nothing 

csgohan4

you can but it won't end well

https://forums.moneysavingexpert.com/discussion/6163507/unfair-fraud-markers-placed/p1

best to stick with one application

KiKi

Deleted_User said:

Are you paying a fee for your broker that might wipe out any savings?

If not then i cant even fathom why a broker would go to all that effort when its most likely they will cancel their application and they'll get nothing 

Nope - he was happy to send me the link so I could upload everything ready to go.  He didn't have to do anything more than that until I heard back from FD, but then I thought I could put it an application for both.  He's fully aware I'm speaking to them, too.  I know better now, though - so I'll stick to one.

getmore4less

What's your current lender offering as a product switch with no checks?

Schwarzwald

I currently have two resi mortgages on offer with two different lenders on two different properties.
There was increasingly high uncertainty for completion on the first property, so i went under offer on a second but instructed my mortgage advisor to get me a new separate mortgage offer for the second place in case the first property came back in time.

it worked well but indeed i paid the mortg advisor twice

csgohan4

Schwarzwald said:

I currently have two resi mortgages on offer with two different lenders on two different properties.
There was increasingly high uncertainty for completion on the first property, so i went under offer on a second but instructed my mortgage advisor to get me a new separate mortgage offer for the second place in case the first property came back in time.

it worked well but indeed i paid the mortg advisor twice

Bit different scenario your situation, Two mortgages on two different properties is normal.

Two different mortgages on the same property is not normal and could end you up with a CIFAS marker as per my original post above

Schwarzwald

csgohan4 said:

Schwarzwald said:

I currently have two resi mortgages on offer with two different lenders on two different properties.
There was increasingly high uncertainty for completion on the first property, so i went under offer on a second but instructed my mortgage advisor to get me a new separate mortgage offer for the second place in case the first property came back in time.

it worked well but indeed i paid the mortg advisor twice

Bit different scenario your situation, Two mortgages on two different properties is normal.

Two different mortgages on the same property is not normal and could end you up with a CIFAS marker as per my original post above

Do you also risk a CIFAS marker if you are applying for a resi mortgage from Lender 1 and for a BTL mortage from Lender 2 on the SAME property as you dont know yet if you will buy it as resi or BTL?
thx