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Re-submit the Application
giri.mamilla.1982
Posts: 2 Newbie
HI
One month ago I offered One property and got the Mortgage offer. After mortgage offer received, Seller cancelled the contract before Exchange.
and Now I have reserved another property with the same price (just 5000£ is more).
I approached the lender through an agent.
Prices is 5K difference.
Location is same. Just 1 mile away from property-1.
1: Now How can I use the mortgage offer.
2: Do I need to Re-submit the application to the same lender with updated documents OR do I need to start the procedure from scratch.
3: Can you please guide me how to approach this.
One month ago I offered One property and got the Mortgage offer. After mortgage offer received, Seller cancelled the contract before Exchange.
and Now I have reserved another property with the same price (just 5000£ is more).
I approached the lender through an agent.
Prices is 5K difference.
Location is same. Just 1 mile away from property-1.
1: Now How can I use the mortgage offer.
2: Do I need to Re-submit the application to the same lender with updated documents OR do I need to start the procedure from scratch.
3: Can you please guide me how to approach this.
0
Comments
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Policies differ from lender to lender.
If youre using a broker ask him.
If you have gone direct ring the providerI am a Mortgage Adviser
You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Give us a clue which lender we're talking about and we'll have a go...!giri.mamilla.1982 wrote: »Can you please guide me how to approach this.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Most likely you would just need to provide the new property details to the lender and they will have it surveyed. You will need to pay again for the survey in case you paid the first time.
They might ask for an updated salary slip and bank statement for underwriting.
As long as your income still fits the affordability, you should be ok.
As suggested above, contact the broker or the lender.0 -
... unless it's Nationwide.ExpertAdvice wrote: »Most likely you would just need to provide the new property details to the lender and they will have it surveyed. You will need to pay again for the survey in case you paid the first timeI am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Thank you All.
lender is Clydesdale bank.0
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