I can change my mind about my mortgage lender without losing my mortgage? UK?
UK asks: I am self-employed and have been agreed a mortgage with National without problems, but my agent offers a free rate beats per minute rate check and found an agreement with Abbey National, which will save me £ 500 more than two years. I asked him to go for it but if I do say that there is no guarantee you'll agree with my mortgage (which as I have understood), but the I do not understand is that says that if I refuse I can not go back to my original offer to the country, so the risk of losing both mortgages. Is this true?
Hmm … depends. How long the offer delivered by the nation? If you published a while ago, can expire before its implementation bears fruit with Abbey. Read your offer, you must be a bit, which sets the final date by which you must complete on the mortgage. Previously, lenders have been willing to renew offers to extend the deadline, but in this volatile market is not really do it anymore. Ask him to clarify, this may be the reason. I've never heard of a withdrawal from a lender just because they offer subsequently applied elsewhere. For the sake of saving £ 500 over two years though … Do you really say it's worth the risk? That's a little more £ 20 per month. Abbey could turn around and say "no" to any number of reasons, while its agreement with Nationwide expires, and if I were you, I would weigh up the potential savings against the potential risk of losing the deal with the country, and I would stick with what I already have. Go apply if you will, but if you hear nothing decisive Abbey quickly, make sure that have existing agreements with the nation to complete before the deadline.
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