Received mortgage offer but found better property

BigPun69

So after a couple of weeks, I've received a formal mortgage offer from Santander. My solicitor has already done most of the conveyancing and the purchase is moving forward nicely. However, I did another viewing of the same property and a few concerns were raised (mainly a very strong smell of marijuana from the entire block of flats) so I started looking around to see what else was on the market.

I've potentially found an ever better property, which is 40k more expensive but well within my affordability that was calculated by my broker.

I don't mind losing the fees I've paid to the solicitor for the searches so far, but what would this mean for the mortgage? Do I need to go through the credit scoring process again from scratch?

I don't want to take on a significant amount of additional risk at the expense of losing the first place and ending up with nothing but I am leaning more towards this second property.

pharmice

I am interested in this as well having just applied for a mortgage, but having second thoughts about the property. Hopefully, the gurus should be here soon to answer it.

kizkiz

I can't help with your actual question, but thought I'd add..
Buying property is the biggest purchase you will make. Make the wrong choice and your life could end up suffering big time. A strong smell of cannabis would be an instant no for me. That could have all sorts of issues with noise, undesirables, police attention and future ability to sell.

ExpertAdvice

Hi,

As long as its within your affordability as you mentioned, it should't be a problem. Its a matter of your broker changing the property details and the amount to be borrowed within your existing application. The amount to be borrowed would be re assessed by the underwriters.

Santander do provide free survey on the first property so you would most likely need to pay the survey fee for the new property. However, in some rare cases they do offer a concessionary free survey on the second property.

Thrugelmir

If you have changed your mind. Then stop the purchase. Don't cloud your judgement with the other property.

betmunch

ExpertAdvice wrote: »

Santander do provide free survey on the first property so you would most likely need to pay the survey fee for the new property. However, in some rare cases they do offer a concessionary free survey on the second property.

I'm of the understanding that they always do a free survey on a second property, and third, forth, etc.


I've only ever tested the free second survey though, but never had a client have to pay for it.