Transfer a mortgage OFFER.

berniebeyer

Hello,

Does anyone know if it is possible to transfer a mortgage offer to a different property?

Both properties are of similar value, obviously the new property would be subject to survey?

We are really short for time and have been 'advised' by an estate agent that this is possible.

Thanks

Bernie

amnblog

Are you saying you have an offer but the mortgage is not in place?

Switching to a new purchase property is an administration excercise that will require a new valuation.

berniebeyer

It's actually the property I'm selling.

We've lost a couple of buyers, and we're getting close to the completion date of the place we want.

Our estate agent has found a new buyer, he claims that she already has a mortgage offer for another property that has fallen through. He claims that she is able to transfer the outstanding offer to our property, subject to survey.

I'm just trying to find out if this is possible.

Thanks

Bernie

Senior_Paper_Monitor

Totally depends on who the lender is - with some dead easy, with others a complete new application and for many something in between.


Presumably if your purchaser says they can, they have checked with their lender.

amnblog

'Transfer' is the wrong terminology.


It sounds like your buyer is financially underwritten and the Lender just needs to value your property to get comfortable with it as security.


This might make a mortgage offer possible in a couple of weeks.

betmunch

ailsajohn539 wrote: »

hello,

A mortgage broker offers contract items from a few unique lenders. When you are considering a home loan dealer, ask which banks they manage. A few loan specialists just offer their items straightforwardly to borrowers, while some mortgage products are only available from agent. An agent may not naturally check whether present moneylender can offer you a better arrangement. To make certain that you are getting the best offer from your present mortgage lender, contact the moneylender straightforwardly It is your responsibility to look at the new offers from a broker with the offer from your present moneylender. Other way transferring your existing mortgage to CIBC is a simple and helpful procedure. CIBC makes it direct and compensating with. There are no legal, appraisal or transfer-in fees from CIBC.
Thanks
Ailsajohn@

English based site mate