Question about altering mortgage after offer

mistrihelen

Hi, hopefully someone can help with what is probably a 'newbie' question.

I currently am in the process of buying a repossessed property. We've had the proper mortgage offer from Natwest and we are just sorting out the details now. However, it's a total nightmare (problems with the deeds) and I think there could be problems selling it on, too, so I am beginning to think about looking elsewhere.

But other properties in the area (non-repo's) are more expensive. What happens when you have a mortgage offer and then want to choose a different property? They've already got our financial details, so can we just ring up and give the new house details/loan needed info, and see if we still pass? Or do we need a whole new application (including a new credit check)?

Fortunately the mortgage in question doesn't have an arrangement fee - it's the Natwest first-time buyer 5-year-fixed one.

yelf

Assuming the new property allows for the same LTV it shouldnt be a problem

mistrihelen

Thanks! What we'd do is increase our deposit to ensure it stays at 10% no matter what.