Transferring a mortgage

Lbarn

Hi guys,
We have a mortgage offer ready for a repossessed property purchase due to exchange in 2 weeks.
Understandably we are very upset have given notice on our rental property have a young child and had started packing! Survey done searches done solicitors instructed and arrangement, brokers fees etc paid!
We have already been in a bidding war and won, had all paperwork from seller and have gone thousands over asking price ( and not a handful of thousands!)
Had at call from EA today to say higher bid has come in so we have decided to walk away as much as it hurts ( emotionally and financially over £1k later!) too much to keep fighting and we have to draw a line somewhere.
Can we use the mortgage offer for another property or do we have to start the whole thing all over again?
It's so demoralising...

Dave_Ham

I feel your pain, these repo properties sometimes look to good to pass up but they start low to get interest.

Depends on lender butt will let you rekey property details and have a new valuation on a new property and then offer..

I have seen the bigger bids fall out many times on a repo property, so do not give up hope just yet and always stick a call in nearer the time and say you are still ready to exchange if they are getting mucked around by the other buyer...

Good luck

Lbarn

I appreciate they can keep asking for offers but realistically they are messing with people's lives, we will have no home in a few weeks and they could have accepted an offer the day of exchange with no thought to the persons needing to move in its frightening and greedy,
Be warned don't buy a repossession if your heart is involved!

Lbarn

Hi Dave
It's Santander... I know your not a fan lol

Dave_Ham

Lol - number 2 in my naughty list although I have stopped using them

They always used to allow property details to be changed, although they have changed loads of their policies I think you should be ok here..

Keep in touch higher up the chain than the Estate Agent if you have an idea on who the decision maker is - or can spend an hour on the phone trying to find out... Never know what may happen pre exchange with the other buyer

LLouiseR

It depends. Theoretically if the bank / building society were prepared to lend you 'x' then they could lend you the same on another house. However the amount they will lend you also depends on the house. So you may find that you are still going to pay out for the survey's, land registry searches etc all over again. I'd speak to your solicitor and also your mortgage provider as these will be able to tell you specifics in your circumstances. I'd still keep doing some checks to see if your mortgage provider is still the best one for you because they do vary their deals from time to time

Lbarn

Hi Dave
I'm glad you have said that as I've emailed the agent acting on behalf of the bank who repossessed, directly to woman who accepted our offer. I wasn't sure if I could get in trouble but have nothing to lose!
I've explained our personal and financial circumstances and advised that mortgage in place, solicitor instructed, in rental so no chain, surveys done etc and hopefully fed the doubt that they could be gambling if other bidder falls through as that could set them back weeks. The difference in bids is probably minimal so you would think they would prefer an exchange in two weeks than start the process with a new buyer?

Dave_Ham

Assuming the other buyer is mortgaging the property, not buying cash..

This could play to your hands as like everyone they have targets, so as we loom towards the end of month stay in touch, let them know you are ready to exchange/complete at drop of a hat and stay ready..

Worst they can do is tell you to sling your hook, you have nothing to lose by staying on the case...