Advice needed on mortgage offer held

infinity18ad

Hi,

I'm new to posting so apologies if I'm breaking any ettiquette?!

Just a quick question for anyone who may have the answer. We (luckily) agreed a 95% LTV mortgage with Nationwide in August (the offer lasts 6 months). We got right down the line of buying a house but had to pull out at the last hurdle (too many reasons to explain here).

If we were to now find a different house (it looks likely we will) and wanted to have the loan amount adjusted and a new valuation on the new house would we be able to do this and retain our 95% mortgage?:huh:

I'm assuming we would be fine to do this as it's the mortgage offer that has been agreed and it isn't specifically attached to the house we're buying, just to the fact that we can put up a 5% deposit on whatever we do buy?!

Any help would be greatly appreciated!!

Toughluck

Good question that. My hunch says they will as you are still within the 6 months. However, new application time and survey time so be prepared.

feisty1

The best help would be to phone Nationwide!

I dont mean to be rude but the time it takes to post on here u could have picked up the phone & asked............all u r going to get on here is an opinion (lots)....this is not a generic question, it is specific to u.......dont confuse yrself hear it from the horses's mouth...hope it works out for u

mic200202

What happens is the lender will ask for a survey on the new property when you find one.They will also re-assess the case on criteria and affordability if the amounts need to change.Bear in mind that Nationwide no longer offer 95% mortgages - the max they will do is 85%.The important thing is you were offered a 95% product which is still valid, but you may run into probs if you need to borrow more than you were originally offered. This may help when you contact the lender.

koexelek

feisty1 wrote: »

The best help would be to phone Nationwide!

I dont mean to be rude but the time it takes to post on here u could have picked up the phone & asked............

This is true, where Nationwide are concerned.

However, getting to speak to a human being at some of the other lenders at the moment is a long process:rolleyes: