Mortgage offer

jrsga

Hi

I was on the verge of exchanging contracts on a house purchase. The seller has pulled out.

I have a mortgage offer valid until February 2016.

If i find another property in that time:
1. Will I have to pay another valuation fee?
2. Will the lender just switch the offer onto the new purchase?
3. If i need to borrow less/more would I have to go through the whole process again?
4. Anything else that I am missing?

thanks

geldof84

Hi,

You will most likely have to pay another valuation fee as its a separate property. The lender should be able to just switch the offer on to the new property with the help of your instructed solicitor. You may have to go through the process again if you are wanting to borrow more but I don't think it would be necessary if you wanted less. The only other thing is that after the valuation, the property may be worth more than what you have originally asked for from the lender which may mean a change in your loan to value. Hope this helps.