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Lewis Said:

Can I change lender after getting mortgage commitment letter?

We Answered:

You would start the entire process over again with a new lender, new expenses etc.

Read any and all contracts you have signed to this point. IF you are going solo on this without an Agent or Atty then get one given you needed to ask this question.

Jenny Said:

can you change mortgage lender if you are unemployed?

We Answered:

Most lenders will not take the unemployed on as a new mortgage customer. It's a shame, as it means the unemployed end up getting ripped off, with the less competitive mortgage deals. It's a terrible deal that the unemployed and disabled live with, it's almost disgusting that the poorer members of society have to live in greater poverty because no-one will take their business.

Check that you're getting appropriate levels of Income Support, if you're eligible in the UK, as this will include a payment toward mortgage interest. The % paid rises over time, such that they will pay around 100% of a mortgae interest, at an average rate, in the market. It's called 'Income Support Mortgage Interest', please make sure you're getting it, if you qualify. Having over £6,000 in savings means people fail to get it.

However, your current lender is very likely to offer you alternative offers, trackers, fixed rate etc. Just beware of penalties of course, as if you were a new borrower.

If there is someone who would become a guarantor for your loan, then you may be more lucky in switching. This would need to be someone of good financial standing and not unemployed. Start 1st with your current lender, to make sure that you're not paying them more than you need to.

Good luck! Rob

Dean Said:

Can a mortgage lender change their mind after final approval? Well, they did!?

We Answered:

Was the gap due to the fact you had just quit your job? That happened in my company last week. It is very common for mortgage companies to do a verbal verification of employment within 3-5 days of closing. It just seems a little strange that a gap in employment would be noticed that late in the game. It would not have gotten a clear to close if there were still issues & a gap in employment could be a big issue.

Joel Said:

Is it too late to change our mortgage lender?

We Answered:

you would have to start all over again, which means you will break your contract with the seller which could be costly