First time buyer: Mortgage

modified123

Hi All,

I am a first time buyer. I have a quick question regarding my purchase. I recently made an offer on one property which is worth £277,000. I have my mortgage approved by Halifax. I am putting 10% deposit.

Now I have found another property around £250,000 and really liked it and considering putting offer on it. Can I transfer my approved mortgage on this property. I can put 15% deposit on this property.
Is the process is complicated, i mean does bank will do my credit search again? Or the process is simple.

ShALLaX

If the agreement in principle wasn't specific to the property (I.e. just an agreement for the amount of money to be borrowed) you should be okay. However, my understanding is that Halifax "Mortgage Promises" aren't worth the paper they're written on, so you may have the rug pulled from under you at the last minute, so to speak.

modified123

ShALLaX wrote: »

If the agreement in principle wasn't specific to the property (I.e. just an agreement for the amount of money to be borrowed) you should be okay. However, my understanding is that Halifax "Mortgage Promises" aren't worth the paper they're written on, so you may have the rug pulled from under you at the last minute, so to speak.

If the agreement is specific to the property, then do I need to repeat the whole process?

hamster2013

is it a formal mortgage offer that you signed and sent back/signed in branch? (i.e they asked for all documents and proof of address and pay slips...etc)
or is it just an agreement in principle?

has the valuation happened on the previous property ?

hamster2013

modified123 wrote: »

If the agreement is specific to the property, then do I need to repeat the whole process?

it might delay the process but it should not be an issue considering that the amount is 'same' or close by.
it will dpeend on the valuation as well to confirm that you are in the same LTV as the previous one.

modified123

hamster2013 wrote: »

it might delay the process but it should not be an issue considering that the amount is 'same' or close by.
it will dpeend on the valuation as well to confirm that you are in the same LTV as the previous one.

The property which I made offer on is around £277000 and I am putting 10% deposit. The survey is happening this week.

The another property which I like is around £250000 and I am willing to put 15% deposit on that.

hamster2013

best to pick up phone and ask bank
also ask survey company if they can hold the survey and shift what you have paid to the other property rather - after bank instructs them (as they are working for the bank and not you)