We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
Mortgage Application

GreatBigBookcase
Posts: 238 Forumite


Is there any advantage or disadvantage to applying for more than one mortgage at the same time?
First mortgage broker has been a bit slow getting back to me, and the first lender he suggested turned me down at soft credit check point. He then suggested another lender, but it is one I've approached dierctly and been turned down by and I asked her whether it was worth trying them. It's taken a while for him to get back to me again and in the meantime I rang another broker, they had a DIP for me within minutes and 24 hours later my application was submitted to the lender (yesterday) and today I've filled in the forms for their solicitors.
First broker has emailed today saying he has an AIP for me (with the lender that turned me down when I spoke to them directly).
The quicker broker has a fee, the slower one is fee free... And the rate the lender the quicker one has found is not the best, but as I'm only borrowing a very small amount, the difference in rates doesn't impact the monthly repayment much at all.
So I'm wondering whether to go ahead with both applications, just in case one turns me down? Or might this be detrimental in some way?
First mortgage broker has been a bit slow getting back to me, and the first lender he suggested turned me down at soft credit check point. He then suggested another lender, but it is one I've approached dierctly and been turned down by and I asked her whether it was worth trying them. It's taken a while for him to get back to me again and in the meantime I rang another broker, they had a DIP for me within minutes and 24 hours later my application was submitted to the lender (yesterday) and today I've filled in the forms for their solicitors.
First broker has emailed today saying he has an AIP for me (with the lender that turned me down when I spoke to them directly).
The quicker broker has a fee, the slower one is fee free... And the rate the lender the quicker one has found is not the best, but as I'm only borrowing a very small amount, the difference in rates doesn't impact the monthly repayment much at all.
So I'm wondering whether to go ahead with both applications, just in case one turns me down? Or might this be detrimental in some way?
0
Confirm your email address to Create Threads and Reply

Categories
- All Categories
- 349.7K Banking & Borrowing
- 252.6K Reduce Debt & Boost Income
- 453K Spending & Discounts
- 242.7K Work, Benefits & Business
- 619.4K Mortgages, Homes & Bills
- 176.3K Life & Family
- 255.6K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 15.1K Coronavirus Support Boards