If the building survey is unsatisfactory... Then what would happen with mortgage??

rasakukoo

I would be grateful if somebody could advice.

I am First Time Buyer. My house valuation is satisfactory and mortgage application has been accepted (all witin 2 weeks). I have instructed for Building Survey for next week Monday. My situation is as follows:

Mortgage In Principle accepted for £178000
Find a house and offoer accepted £191000
Mortgage application applied and accepted for £152800 (20% deposit)

Now, I am just wondering if the Building survey report is unsatisfactory then, I may need to pull out the offer. In this case, can I find another house (which might me more expensive say i.e. £210k and applied for remaining mortgage amount. How it works?? please advice

kingstreet

You can change the mortgage application if you need to change properties. If it's cheaper, they will normally work on the credit search and documentation you've already submitted.

If there's an increase, the case may have to be re-underwritten and updated documentation supplied.

Most lenders have a simple addendum form to complete and you'd need to pay for another mortgage report & valuation.