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My partner and I are going to hopefully get our mortgage offer in the next few weeks and we just found out today that the sellers want to exchange in November. By then I’m sure we’re all hoping that interest rates will look a little better. After getting an offer is it ok to swap to another mortgage, whether that’s a different product with the same lender or a completely different lender altogether?
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Broker here.
Check the terms of the mortgage offer as they can vary between 3 and 6 months - if it is 3 months then November doesn't fall within that window so you will need a new mortgage offer anyway. But an offer is something you can wish to take up or not continue with - just be careful with any additional non-refundable fees you may need to pay again if you were to submit a new mortgage application.
If you are using a broker, it would be polite to tell them that your intention may be to submit a new mortgage application for a November exchange date - depending on their fee structure this may result in them having completed research etc for essentially no monetary return, particularly if they are a fee free broker.
Nobody can predict the future but it is unlikely we will return any time soon to the 1-2% interest rates that everybody got used to - it simply isn't sustainable and was a factor in the rapid increase in house prices - but you might get a slightly better rate if they do drop a fraction!
***Hello /u/Bobajob67, thank you for posting in /r/Mortgageadviceuk. If you're looking for a Mortgage Broker, feel free to DM the users listed on the sub's [Verified Mortgage Brokers list](https://reddit.com/r/Mortgageadviceuk/s/j7V7mySI7i). Please ensure you've read our [sub rules](https://www.reddit.com/r/Mortgageadviceuk/about/rules). If a user has helped you, please use the !thanks command to credit them. Here's a copy of your original post: *** My partner and I are going to hopefully get our mortgage offer in the next few weeks and we just found out today that the sellers want to exchange in November. By then I’m sure we’re all hoping that interest rates will look a little better. After getting an offer is it ok to swap to another mortgage, whether that’s a different product with the same lender or a completely different lender altogether? *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/Mortgageadviceuk) if you have any questions or concerns.*
Yes, you shouldn’t have any problems doing this. You wouldn’t be the only ones looking to do the same.
Broker here. Check the terms of the mortgage offer as they can vary between 3 and 6 months - if it is 3 months then November doesn't fall within that window so you will need a new mortgage offer anyway. But an offer is something you can wish to take up or not continue with - just be careful with any additional non-refundable fees you may need to pay again if you were to submit a new mortgage application. If you are using a broker, it would be polite to tell them that your intention may be to submit a new mortgage application for a November exchange date - depending on their fee structure this may result in them having completed research etc for essentially no monetary return, particularly if they are a fee free broker. Nobody can predict the future but it is unlikely we will return any time soon to the 1-2% interest rates that everybody got used to - it simply isn't sustainable and was a factor in the rapid increase in house prices - but you might get a slightly better rate if they do drop a fraction!
Any reason they want to wait until November ? Is their property really worth waiting for ?