mortgage offer question

[cooper44]

If I have a mortgage offer agreed can I then get a different mortgage offer during the conveyancing process? I have a long gap between exchange and completion - maybe three or four months - and I think I can get a better mortgage if I do it after the end of this financial year. But presumably I need to have an offer sorted (it already is) for exchange. It would be with the same lender - I can just get more if I use this current year's accounts - I'm self employed. If anyone knows I'd be really grateful for the head's up. thanks

[Reese123]

If its only a mortgage in principle, of course you can look around. I didn't go through a broker and managed to find a pretty good deal myself.

[lessonsintightropes]

We offered (and had an offer accepted) without an AIP in London, which I'm still pretty shocked by - it helped that we had our sale in the bag and therefore knew what our deposit was going to be. I had spoken to our existing lender and knew that we could absolutely borrow our upper limit (in fact they offered to lend us on a big interest rate about 100k more that we wanted to spend) but only went through the whole process, with a broker, on the property we wanted to buy - in order to get the best deal. Our current mortgage rate of 5.69 (we got stung) will go down to 2.24. You are right to shop around but it's also worth talking to a broker.

[Theironfistofarkus]

Yes. It is a mortgage offer only until you accept it. But mortgage offers are only open for a limited time period eg 90 days so you need to move quickly on finding another offer so you don't risk losing the first one.

[Theironfistofarkus]

Ps I also received a letter from mortgage co no 1 saying if you don't contact us in x days we will activate the mortgage so make sure you answer any letters like that saying you are thinking about it still.

[cooper44]

Sorry only just seen replies but many thanks for advice.