mortgage offer query... advice appreciated :)

dprovan

Hi

we had agreed on a house and had mortgage agrreed and in place from A&L this offer was available until October I think....

Unfortunately the house deal feel through, our buyer pulling out,

We have now lost that house, but found a new house (same price same level of borrowing)...We still need a buyer but assuming we find one... Will the offer from the bank be likely to still stand subject to new survey? or will all assessments have to recommence ie 3 payslips etc? My reason for asking we want to borrow 240k with 55k deposit I earn 36k per year, my wife did earn 30k (when we were approved) however she has taken part time hours until feb so her salary will be approx 19k until then.

thanks in anticipation

silvercar

Similar thing happened to us. We had to complete the form again and provide more recent payslip copies etc I did put a note in the other information section to say they had recently approved a mortgage for the same amount, I don't know whether they used this or not.

herbiesjp

Had a couple of these recently with A&L

All they need is are the new property details, and the valuation fee again (assuming agents and solicitors are the same) - A&L were very quick indeed in getting the new property valued and the offer letter issued on the product that had since been withdrawn.

As long as the loan amount is for the same amount or less, then there will be no underwriting required. If the loan amount is increasing, they may well ask for new information.

Best bet is to give them a call

HTH

dprovan

wasn't sure how to handle phone call.....

don't want to alert them to fact that my wife has temporarily changed to p/t if didn't need to....

If i say just interested then they say yes you need to re-apply and then there is a change in details its a bit wiffy.....

on the figures I quoted would the borrowing be ok anyway 36k plus 18k with 55k deposit borrowing 235k..... (house priced 290k) no other debts.

HelpWhereIcan

Using A&L's affordability calculator,

http://www.alliance-leicester.co.uk/mortgages/index.asp?page=affordabilitycalc&buyertype=unknown&ct=mortgagesellmenu

a loan amount of £235000 should be ok on the incomes you have quoted with no credit commitments. It can also depend on how many kids you have as the amount is reduced by any kids, but you may be able to get around this by extending the term of the mortgage.

As herbiesjp says, A&L will usually just do a valuation and transfer the offer to the new property, although this can depend on how long it is since they have seen any payslips.

Hope this helps