loan approval

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bilko27

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I've signed a contract to buy a house, I've got loan approval from a financial institution. The house will be ready later this year. Can I ask another financial institution for loan approval ?
 
bilko27 said:
I've signed a contract to buy a house, I've got loan approval from a financial institution. The house will be ready later this year. Can I ask another financial institution for loan approval ?
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You can ask as many as you like as often as you like.
Be careful though that you do not overstretch yourself in borrowing. I am aware of cases where loan offers have been pulled after issue.

mf
 
original poster here - the intention is to replace the original approval with what I believe to be a better deal from the second financial institution.
 
No problem as long as you can ensure that you have a mortgage to draw down when it comes to closing.
 
Be aware that competitive positions are changing all the time, so the best offer available now may not be the best offer later this year.
 
Nothing to stop you at all. Just be aware that everytime you apply, the lending institution will check your ICB records. Sometimes this can have an adverse affect on your application.
 
PM1234 said:
Nothing to stop you at all. Just be aware that everytime you apply, the lending institution will check your ICB records. Sometimes this can have an adverse affect on your application.
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If I apply for a mortgage through a broker and they apply to various lending institutions will this have an adverse affect on an application as presumabaly each one will check my ICB records?

Also, if I am approved but don't draw down a mortage in the 3 or 6 months that the offer is valid for, if I apply again, will this look bad on my record??
 
prince2008 said:
If I apply for a mortgage through a broker and they apply to various lending institutions will this have an adverse affect on an application as presumabaly each one will check my ICB records?
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If the application is sent from a broker, the lender will be aware you are shopping around as the times and dates will appear on the report. Therefore, it shouldn't affect your records.

The lender may be concerned if infrequent checks were being made.
 
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