Was wondering if anyone can help with our situation. Basically myself and my fiancee are first time buyers and have been offered a mortgage by the Halifax deposit 15% and fixed three years at 6.99%. (We originally tried for a 90% mortgage from the Halifax but they said this was the best they could offer us).

My fiancee is a teacher and I am self employed having started my own business 6 months ago so no banks will take my wage into account.

Anyway we have found a house and had an offer accepted subject to the mortgage all going through. Problem is we have an application for the NatWest ready to send off which is a much better deal for us at the moment. The deal they are offering is 10% deposit with 26 payments at variable rate, currently 4.69% followed by 334 payments at variable rate currently 4.00%.

We really want to apply for the Natwest mortgage but our mortgage broker who found the Halifax mortgage for us says if we apply for the Natwest it will go through a credit search, if it then gets refused there is a good chance then Halifax will withdraw their offer as it will then show up on my fiancees credit score that she has applied for another mortgage.

Im not sure now what to do as we really want the house and would be heartbroken to miss out but obviously we would feel much more comfortable with the Natwest deal but dont want to blow our chances of getting the Halifax deal and then end up with no house. Is the mortgage broker correct in what he says?

We found the NatWest mortgage independantly.

Thanks for any help which is much needed!

Hi

What I would suggest that you do is have a chat with NatWest about this and also the Halifax directly.

The Mortgage advisor may have a point but are they more concerned about losing their commision?

I think if you are looking at two mortgage offers at the same time and weighing up your options, most companies should have the common sense to see this.

Huckster

Hi

I was in a very similar situation to you when I bought my flat. It sounds like you only have the Halifax agreement in principle? Is this correct? To have received the formal mortgage offer you would have had to have had the survey done on your house and submitted a full application.

I saw a better deal with Abbey after I received an agreement in principle with Halifax and proceeded with the Abbey mortgage no problem at all.

It isn't until you submit the full application they do the credit checks. An agreeement in principle (I believe) is just where they look at your income and expenditure and give you a figure they would be prepared to lend subject to appropriate checks.

Hope this helps.

Hi,

I am looking on this site out of interest and read your comment which is not right. What this broker told you is not true! Each time ou are credit scored it leaves an electronic footprint on your file. This is only bad if you are scored reguarly, ie weekly. If you apply for another mortgage Halifax will not withdraw their offer. I am a mortgage adviser for NatWest, i know that this is common to be told this as brokers do not want to loose their commission. It is hard times for them at the moment.

Luke

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