Re-apply or transfer mortgage offer?

welshwizard1927

We received a formal mortgage offer in relation to a property that we were planning on purchasing back at the end of June. This was a formal offer as opposed to AIP. As it transpired, during the legal checks, there were issues with the solar panels and the lenders legal department imposed conditions on the mortgage as a result.

In light of this, we decided to pull out of that purchase and have since found another property.

Our broker, at the time of pulling out, said it would be no issue and we could simply port the existing offer over to the new property, subject to survey. He has now changed this and said that we will need to submit a new application.

Would be grateful for any views on which is correct - I would have thought we could simply port it over provided it was within 3 months of the offer?

kingstreet

Which lender?

Date of offer?

swanny78

I am in a similar position. HTB mortgage with NatWest got to valuation stage, valuation was less than house, I pulled out now looking at another cheaper 2nd hand house £221,400 mortgage rather that a £262,000 but with a traditional 90% LTV instead of a HTB 75%. Can I change product without jumping thru all the hoops again. Or due to higher LTV will need to start over?

kingstreet

welshwizard1927 wrote: »

We received a formal mortgage offer in relation to a property that we were planning on purchasing back at the end of June. This was a formal offer as opposed to AIP. As it transpired, during the legal checks, there were issues with the solar panels and the lenders legal department imposed conditions on the mortgage as a result.

In light of this, we decided to pull out of that purchase and have since found another property.

Our broker, at the time of pulling out, said it would be no issue and we could simply port the existing offer over to the new property, subject to survey. He has now changed this and said that we will need to submit a new application.

Would be grateful for any views on which is correct - I would have thought we could simply port it over provided it was within 3 months of the offer?

A Principality offer only lasts three months. If you change properties, it still only lasts three months from the original date of issue. You would possibly have more fees to pay, then lose them on top of the earlier costs.

If there's no chance of completion within that original three months, you might as well start again and get another three months from the next offer date.