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Transferring mortgage offer to new property
TrixA
Posts: 452 Forumite
We had an offer accepted about six weeks ago and mortgage offer received about three weeks ago.
It's now looking as though the sale may not proceed due to us discovering there is a boundary dispute with the neighbours.
If we pull out of this sale and find another house we wish to buy, will we be able to 'transfer' the mortgage offer to the new place? I know we'd need another valuation, but I'm hoping we can avoid reapplying from scratch. Would we have to pay another 'product fee'?
It's now looking as though the sale may not proceed due to us discovering there is a boundary dispute with the neighbours.
If we pull out of this sale and find another house we wish to buy, will we be able to 'transfer' the mortgage offer to the new place? I know we'd need another valuation, but I'm hoping we can avoid reapplying from scratch. Would we have to pay another 'product fee'?
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Comments
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There were some changes last month with MMR, this is having a huge impact on affordability. You will be assessed under the new rules i would imagine.
How much of an impact will depend on your circumstances and the lender.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, 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
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