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Applying for a mortgage at two banks

powerstation · 2012-10-03 09:05:43

Hi, Are there any problems in applying for a mortgage at two banks? This way I'm hoping one will respond and I will save time if the other delays the application. Thanks.

03-10-2012 10:05AM

#1

powerstation

Registered Users, Registered Users 2 Posts: 170 ✭✭

Join Date: January 2010

Posts: 149

Hi,

Are there any problems in applying for a mortgage at two banks?

This way I'm hoping one will respond and I will save time if the other delays the application.

Thanks.

0

Comments

#2 03-10-2012 10:07AM

seamus

Registered Users, Registered Users 2 Posts: 68,190 ✭✭✭✭

Join Date: July 2001

Posts: 66948

Nope, this is not a problem and standard practice with many brokers. Same as getting quotes off multiple insurers, you can choose the bank which offers you the best mortgage package.

In some cases this can affect your credit history because each query against your history is logged, on your history. So in some cases where there appears to have been multiple queries against your credit history, this can affect your ability to borrow.

However this usually only occurs where someone has applied for multiple mortgages or loans within the five-year history period.

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