Transferring mortgage offer to new property - what if we need to borrow more?

TrixA

We had a mortgage offer from HSBC but our seller withdrew from the sale prior to exchange and we're now looking for a new property. I informed the bank who have put the mortgage offer on hold subject to us providing details of a new property. I asked if we would have to reapply and go through underwriting again and the bank representative said no, but I forgot to ask about a scenario where we needed to borrow a bit more money. As property prices have risen in this area it's looking like that may be the case. I'm comfortable that we can afford it but I'm wondering if this will mean we have to do a new mortgage application? We would still be borrowing less than the maximum that was indicated when we did the approval in principle.

amnblog

Why not ask HSBC

TrixA

Why not ask HSBC

Because it takes up to 45 minutes to get through to their mortgage team. And the people at their main customer service centre appear to know very little about mortgages.

ethank

They will treat it as a new application as far as the property goes - but if you got to offer stage with your previous property they may use that information with regard to you.