Mortgage offer about to expire, property change, do we have to re-apply?

moon_river

After a bit of advice really, we had mortgage offer back in March for the first property. The vendor pulled out last month so the purchase fell through. We then just got an offer accepted on another property, however, the mortgage offer is about to expire in about 3 weeks' time.

The new property is slightly more expensive, but we are putting more down as deposit, so basically the LTV remains the same. Our broker told us that Woolwich will not extend the offer, so we will have to make a new application.:(

We basically lost the loyalty mortgage and the interest rate is higher now. I am just wondering if this is normally how it goes cause when we made a fresh application, it basically said that we shouldn't have 2 mortgages at one time?

Sorry this might be a daft question..but we really have no clue..:o

Funny_old_game

You have to give them the new property details, hence probably forcing Woolwich to force you through MMR.

If your product expires you will have to take another rate as the shelf lives of deals mainly last for around 6 months.

Bliss77

We are in a similar position - chain broke because people at end of chain pulled out of their purchase due to subsidence. They have now found another property but our mortgage offer expires in a few weeks too.

We have asked our mortgage provider (Natwest) for an extension. THey said they might extend for another three months but we have had to provide more bank statements and pay slips and our case has gone back to the underwritters.

I expect they will now assess under new MMR rules even though they said it is an extension request rather than a new application.

Waiting patiently...

As you have found a new property I expect your application will start afresh (for example you will need a new survey). Hopefully they can move quickly for you though.