can I change my mind about my mortgage lender without losing my mortgage? UK?
by Mortgage Rates on Friday, November 26th, 2010 | 1 Comment
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Hmm… depends.
How long ago was the offer issued by Nationwide? If it was issued a while ago, it may expire before your application bears fruit with Abbey. Read your offer, there should be a bit which states the final date by which you have to complete on the mortgage. Previously, lenders have been willing to renew offers to extend this deadline, but in this volatile market, they’re not really doing it anymore. Ask him to clarify, this may well be the reason. I’ve never heard of a lender withdrawing an offer just because you subsequently applied elsewhere.
For the sake of a saving of £500 over 2 years though… would you really say it is worth running the risk? That’s a little over £20 a month. Abbey could turn around and say no for any number of reasons while your deal with Nationwide expires, and if I were you, I’d weigh up the potential saving against the potential risk of losing the deal with Nationwide, and I’d stick with what I have already.
Go for the application if you wish, but if you hear nothing decisive from Abbey quickly, make sure you have put the arrangements in place with Nationwide to complete before the deadline.