Can I Change mortgage Company

S

showmedmoney

Registered User
Messages
30
Hello All,

Last year I put down a 10% deposit on a house in a first phase development in kildare. My solicitor advised me to have a letter of loan offer from my mortgage provider. I recived the letter of loan offer and signed the contracts for the house. (hand over full 90% when house is complete).


Now the house will be ready in 3 weeks and my solicitor has advised me to contact my broker to determine if there are likely to be any delays with my loan.

My 2 questions are as these.

1, Can my mortgage provider retract the initial loan offer (no stipulations called out when I reviewed with my solicitor).

2, Am I tied to this particular provider, as there are better rates now out there now(my salary has taken a significant jump up and I was thinking of looking for a better deal, went with these guys originally as they were the only ones willing to lend me that much)


thanks;)
 
you can go with any lender, just make sure you have all your documents ready, pay slips, p60 etc.

the loan approval you received generally stands for six months, assuming your circumstances haven't changed there is no reason the bank should retract, the fact that you are earning more should be a plus - unles you were earning a certain amount working in a bank and now your earning more as a stunt driver!
 
There is no problem with changing lenders, however with only 3 weeks to spare you need to go to a few immediately armed with the relevant documentation. Let them know the urgency !! Usually you can get your solicitor to delay completion some what and if you havnt snagged the property yet, you can contribute towards this delay too. But dont push it too much. You are well advised to shop around !!! A little time invested now at this stage in finding the best rate will save you a fortune over the term of the loan. Good luck
 
Mind you if as you say, the broker got you the only deal you would have got at the time, why dont you ask him to get you another.

Also if your life insurance is not yet in place (is it?) you may have delays anyway.

But in fairness, why not ask your broker?
 
WizardDr....the problem with brokers is they are not able to avail of all the offers out there, for example my broker could not deal with NIB (and other lenders) directly, so i went to the NIB my self and secured a great deal.
 
You must log in or register to reply here.
Back
Top