mortgage application question

kingkano

Probably a stupid question, am going to ask our IFA later as well. We have a DIP through him for a NR mortgage. Our flat is on market right now with interest coming in (1 week in now). We have seen a house and had an offer accepted weeks ago, BUT, the house wont be removed from market until we sell our flat.

We are worried about any interest rate rises about to happen though. Is there anything we can do now to secure a rate? Can we start the application process before we have sold?

Thanks in advance for any helpful replies!

toonfish

there's nothing to stop you applying now but if the flat doesn't sell, or the vendor chooses another buyer you could lose any valuation and arrangement fees you pay upfront.

kingkano

DO we have to do the valuation immediately?

If this particular house fell through but we still sold and went for a different house, I take it thats a whole new application to the lender?

(thanks for the quick answer too)

toonfish

you should be able to get them to hold back on it, and you could ask for all fees to be added to the loan. That way if it doesn't proceed you aren't out of pocket.

If you subsequently want to pay the fees upfront once you know you are definitely proceeding that should be OK.

kingkano

Immensely helpful. Now I wont feel like a fool and can call the IFA. Thanks muchly toonfish.