Loan options

Question from Dothers updated on 7th June 2015:

A mortgage broker who only deals with one bank had my loan (10% deposit) approved by with standard conditions (including misc fees) and floating interest rate. Another mortgage broker, recommended by my colleague, has offered to negotiate with most lenders (including the bank the first broker deals with) on my behalf. I don't want to jeopardise the current loan approval in place but I am not happy with loan conditions. How risky would it be to switch mortgage brokers or shop around for loan to get a better deal. Thanks a lot.

Our expert Kris Pedersen responded:

You're not going to jeopardise the current approval by looking at other options. It sounds like in the first case you are talking about a mobile mortgage manager if they are only dealing with one option.

Kris Pedersen of Kris Pedersen Mortgages is a commentator on property and finance. His team sources top finance strategies.

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