Pulling out of house sale, what happens to mortgage if we buy another?

ri17

We've decided after a horrendous survey to pull out of the house we're buying tomorrow. We've already made a list of others we want to view that are chain free so we can move quickly and not lose our mortgage offer.

What will happen, we've made sure the houses would be the same price or cheaper than we've had approved. Would they just take new details and we'd go straight to valuation? We wouldn't have to go through the application again would we as its only just been approved 2 weeks ago.

TBeckett100

It will be a change of property details. You may be credit checked again. Then valuation instructed. We changed properties three times, quite normal

amnblog

This question comes up here every couple of weeks.


There is of course a new valuation for the new property.


Your 'financial underwriting' may be reviewed again particularly if there has been some weeks since your original application in which case your could be asked to provide more recent pay slips or bank statements.


With some lenders a change of this sort with automatically trigger a new credit score. With others the time elapsed may lead to a new score.


Either way, if you are not buying the original property you need to take this action.