Mortgage for New Build - change to another plot

Humphrey2012

Hi All - we currently have a mortgage offer from Halifax. It's a Help to Buy mortgage for a new build property.

We have the plot reserved however I was wondering, if for some reason the sale of our current house falls through and we have to give up this reservation due to not being able to find a new buyer in time, would we be able to transfer the mortgage to another plot if it's exactly the same house on the same development just on another plot?

Or would we be starting over?

Thanks

libf

You'd need another valuation at least, as the plot will not be totally identical to the one you have reserved at the moment. The rest depends on the lenders policy, so check with your broker.

kingstreet

You can do a change of property with Halifax which involves a new valuation and fee is payable but the valuation promise means when the mortgage eventually completes, the first valuation fee will be refunded to you.

A new PIF & Reservation will be needed for the HTB element.

Humphrey2012

Thank you so much for your replies. That makes sense.

Hopefully it won't come to that but I wanted to know what our options would be.

Many thanks.