i have a mortgage arranged 4 one purchase which fell through can i use it on another

jamminjamaica

Hi there

i was purchasing a house for £165000 but 4 days before exchange the vendor decided to not sell her house.

i have now found another property but the price is £172500. will the mortgage company be able to amend my previous mortgage arrangement or do i have to go back to mortgage application stage again?

jamminjamaica

meant to say that previous amount on mortgage application was £115000 but now i need £120000.

payless

Unless the figures differ greatly or there is a " drawndown by date " its normal for them to just swap the info across, and just do a new valuation ( at your cost)... depending on case they might ask for an upto date payslip etc

payless

posts crossed... an increase might need a re assessment if the figures were tight originally

jamminjamaica

payless wrote:

Unless the figures differ greatly or there is a " drawndown by date " its normal for them to just swap the info across, and just do a new valuation ( at your cost)... depending on case they might ask for an upto date payslip etc

that is what i am hoping. i am prepared to pay the valuation fee etc and new payslips but do not really want to go back to application stage as it took them ages the first time round. my previous mortgage was arranged in October at a good interest rate so i would love to keep that deal.

payless

watch that "drawn down by" condition that some lenders have...

usually still keen to lend, but not always on original rate ( most offer a little grace)

jamminjamaica

payless wrote:

posts crossed... an increase might need a re assessment if the figures were tight originally

my mortgage broker said this morning that they were looking at the sums again and i will know this afternoon. i cant imagine a mortgage of £120000 should be a problem on mine and husbands salary. fingers crossed:think:

jamminjamaica

payless wrote:

watch that "drawn down by" condition that some lenders have...

usually still keen to lend, but not always on original rate ( most offer a little grace)

what does that mean? "drawn down by"

payless

completion deadline for example most of Abbey's fixed deals revised/lauched 2 days ago have to be completed by 30/4/07

jamminjamaica

i am not sure but i think my original letter of offer stated the 12th December.

when you say completed do you mean all contract signed and ready to move in?

payless

YEP...if you had that condition ... moved in !!!

get your broker to try and agree an extension , or if its not going to happen within the (new) agreed times, a new product