Multiple Mortgage Applications

Intel1982

Hi there, after waiting 8 stressful weeks we finally got a mortgage offer accepted from 'The Mortgage Lender' (we have some old credit issues, 3 years ago now). As I was getting so hopeless that I wouldn't get approved, I went to my credit union and applied with them - they approved me the same day! 

A hard search was carried out 15th December by The Mortgage Lender and I've been told a hard search will be carried out by the credit union on Monday while they get everything finalised. 

At this point I had decided to go with credit union, as they require less deposit off me than The Mortgage Lender, leaving me with more savings to decorate etc.

My mortgage advisor has now got back to me to say that since I put the original application in back in December, more options have become available and he said that Santander would now be willing to lend to me, and it would save me over £115 a month and with the same amount of deposit as the credit union.

We are due to move in 25th March..if we apply for the Santander one, will we potentially get turned down due to the two other mortgage offers received? I'm also worried that if we do apply with them it would be another long, drawn out process and I don't want to risk the sellers pulling out as they've already become anxious (they won't be told until next week that we have a mortgage offer but they have been contacting our solicitors looking for progression).

Just looking for some advice really on how best to proceed, we don't want to lose the house as there are very little houses coming up for sale where we live at the moment and we are living with family, desperate for our own space now. 

Thanks! 

SuseOrm

Just commenting because I would like to know the answer to this to

Intel1982

I might try posting it in another thread as well 👍😊

housebuyer143

Intel1982 said:

Hi there, after waiting 8 stressful weeks we finally got a mortgage offer accepted from 'The Mortgage Lender' (we have some old credit issues, 3 years ago now). As I was getting so hopeless that I wouldn't get approved, I went to my credit union and applied with them - they approved me the same day! 

A hard search was carried out 15th December by The Mortgage Lender and I've been told a hard search will be carried out by the credit union on Monday while they get everything finalised. 

At this point I had decided to go with credit union, as they require less deposit off me than The Mortgage Lender, leaving me with more savings to decorate etc.

My mortgage advisor has now got back to me to say that since I put the original application in back in December, more options have become available and he said that Santander would now be willing to lend to me, and it would save me over £115 a month and with the same amount of deposit as the credit union.

We are due to move in 25th March..if we apply for the Santander one, will we potentially get turned down due to the two other mortgage offers received? I'm also worried that if we do apply with them it would be another long, drawn out process and I don't want to risk the sellers pulling out as they've already become anxious (they won't be told until next week that we have a mortgage offer but they have been contacting our solicitors looking for progression).

Just looking for some advice really on how best to proceed, we don't want to lose the house as there are very little houses coming up for sale where we live at the moment and we are living with family, desperate for our own space now. 

Thanks! 

I hear Santander are slow, but if you do apply and it takes too long, can you not just use the offer you have already?

I do not think there is a problem with more than one application, although hard checks could bring down your credit score and it may not look great with the lenders unless you have a good reason.

Intel1982

I'm not sure but another reason I wasn't sure what to do is I think Santander will want me to use a solicitor on their panel, I had to do this with The Mortgage Lender and the solicitor was awful, it operates online and is like pulling teeth speaking to anyone! With the credit union I can go back to my local solicitor, who I trust and they're easy to get a hold of etc. 

I think for my own peace of mind I'll stick with credit union for a couple of years until my credit has repaired.

I still haven't had the formal paperwork offer through from The Mortgage Lender, will update when this comes through for anyone reading in the future. 

jaelato1

just stick to what you have now are .....

housebuyer143

Intel1982 said:

I'm not sure but another reason I wasn't sure what to do is I think Santander will want me to use a solicitor on their panel, I had to do this with The Mortgage Lender and the solicitor was awful, it operates online and is like pulling teeth speaking to anyone! With the credit union I can go back to my local solicitor, who I trust and they're easy to get a hold of etc. 

I think for my own peace of mind I'll stick with credit union for a couple of years until my credit has repaired.

I still haven't had the formal paperwork offer through from The Mortgage Lender, will update when this comes through for anyone reading in the future. 

Normally lenders panel solicitors have thousands of choices? Thats a good point though. If your solicitor is not on it, then dont do it - it will just cause you a headache and a lot of money in fees.