Change of property after mortgage offer help please

rizla83

Hi All,

after a long and drawn out affair we managed to get a mortgage offer from Santander. The problem now is that the homebuyers report has flagged up a LOT of things that need doing. As we are not in the possition in terms of Cash available to correct a lot of these things (one of them will involve digging up and re-laying a concrete floor) we have now had to look at another property.

My question is regarding what the process would be for us if we had an offer accepted on another property that was LESS than our mortgage offer for the first property?

Would it be a kind of change of property details form and then book another valuation etc?

Thanks in advance.

betmunch

Thats exactly what it would be, I've done one recently for a client

Dead simple, but asks a lot of questions rather than just, whats the new property address and value.

rizla83

ah right thats fine then,

thanks for the reply!

eeyoreworld

Rizla83, oh no, poor you! Hope you find a new place soon.

rizla83

eeyoreworld - thanks, I think we have managed to find somewhere strait away which is lucky. Just want to get it all done and dusted now.

We waited 10 week for the initial mortgage to go through so im hoping this will just be a quick change of details, get a valuation and survey booked and then push it though.

betmunch

It wont be quick I'm afraid, Santander are one of many lenders falling apart right now, nothing is quick.

7 days in the admin que, 8 days in the underwriter que, surveyor aprox 3 days, then offered. You will have at least 2 and a half weeks I reckon

rizla83

well i suppose its better than 10 weeks like the first time.

didnt realise it would have to be underwritten again having already been granted a mortgage for more money.

not to worry. It will give time for extra savings i suppose.

cheers.

betmunch

Its not being underwriten again, just the change of property form.

The rest of the case shouldnt be touched as you are asking for less money, I am assuming the same or better Loan to Value.

Good Luck