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Changing property to be mortgaged?
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MensaOPPG
Posts: 17 Forumite
Hello all, I just wanted to pick the brains of someone who would know......
My husband and I are in the process of waiting for our mortgage application from Coventry BS on a property. We sent the application last week Thursday (so almost a week). We have decided to not instruct solicitors to commence searches till we had the outcome of the mortgage application.
I have come across a property in the last couple of days which is essentially what would be our ideal dream home. We have not made an offer yet but if we did the offer would match that of the current property that we originally wanted to mortgage.
My hypothetical question is (considering we have made no offer on it)
If Coventry BS come back with a mortgage offer, how easy would it be for us to get a mortgage for the new property?
Would they go through the whole financial valuation bit of the process again or will they realise that they already know that we can afford it (with it being and identical value to the first property) and just do a new valuation on the property?
My husband and I are in the process of waiting for our mortgage application from Coventry BS on a property. We sent the application last week Thursday (so almost a week). We have decided to not instruct solicitors to commence searches till we had the outcome of the mortgage application.
I have come across a property in the last couple of days which is essentially what would be our ideal dream home. We have not made an offer yet but if we did the offer would match that of the current property that we originally wanted to mortgage.
My hypothetical question is (considering we have made no offer on it)
If Coventry BS come back with a mortgage offer, how easy would it be for us to get a mortgage for the new property?
Would they go through the whole financial valuation bit of the process again or will they realise that they already know that we can afford it (with it being and identical value to the first property) and just do a new valuation on the property?
0
Comments
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They would normally just need to carry out the valuation on the new property if the financial underwriting position is unchanged.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
If the valuation/survey has not been carried out for your proposed initial purchase, then contact Coventry and request it be held until further notice. If you make a successful offer on the second property all you have to do is a change of address and request commencement of the application.0
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