Is mortgage offer tied to a specific property?

movilogo

I understand I had to specify property address while applying for mortgage, but once it is approved (but no valuation yet), is it possible to use that for a different property?

For example, my seller is too impatient and threatening me to re-market if I can't complete soon (but they don't understand bank will take its own time).

So I wonder if seller pulls out before my approval, if I can go for another property without having to apply for mortgage again.

kingstreet

Normally you can do a simple change of property.

If you need to borrow more, or the loan to value is higher, it may need to be re-underwritten.

It would be helpful in answering such questions to know which lender you are talking about. Then people who have been in the same position, or the resident brokers might be able to give you a more specific answer.

movilogo

It is HSBC.

OneEngland

A mortgage offer is property specific, if you change the property address a new valuation will be required normally at your cost (free val options are great for the undecidable ;-) It is also worth confirming whether the new property falls outside of the lenders criteria beforehand. i.e construction type etc.

kingstreet

OneEngland wrote: »

A mortgage offer is property specific, if you change the property address a new valuation will be required normally at your cost (free val options are great for the undecidable ;-) It is also worth confirming whether the new property falls outside of the lenders criteria beforehand. i.e construction type etc.

Val not done yet.