Two possible properties - one mortgage application

zipp

Hi everyone,

My partner and i are first time buyers. We have been looking for a flat for over two years on and off and finally found one that we both love.

We made an offer subject to survey which was accepted and are now in the process of waiting for the mortgage evaluation survey.

In the mean time, we continued looking at properties and yesterday found another very lovely flat which is also perfect for us.

Our questions are:

Should we place an offer on this new property? If we do so how might this affect our current mortgage application?

Should we speak with the mortgage provider about this new property or will that make us appear indecisive?

Is it usual/possible to apply for a mortgage on one property and then apply that to another property?

We don't wish to appear flaky/unreliable to the mortgage provider but we also don't want to miss the opportunity buying the new property if the first property we made an offer on is denied or the evaluation throws up problems etc.

Any advice is most appreciated
many thanks
Zipp

Richard_Webster

Not a good idea - you will probably have to pay two sets of survey fees and admin fees.

zzzLazyDaisy

And ultimately you can't buy/live in two flats. First make up your mind which flat you wish to purchase and proceed from there.

zipp

We wouldn't need to pay for the initial mortgage survey as this is included in the mortgage deal as an incentive.

It's not a case of just deciding on one property and going from there because we like both properties equally for different reasons but there is a chance that the first property that we made an offer on will not be approved and we don't want to miss the other property simply because of our inexperience.

Therefore we need advice from anyone has experienced of a similar kind of situation really.

Many Thanks Zipp

metso

When I went into see a mortgage advisor I was told a fee free mortgage was a good idea especially to avoid too many surveyor fees...