Mortgage offer on another property

livalicious

Hi there,

We are FTBs and our purchase has fallen through a few weeks ago. We received our offer of advance from Coventry BS on the 9th July for £154 800, property price £172 000. It is a 2yr fixed rate for 5.7%, and the offer is valid for 6 months until 9 December.

We currently looking for another property, and if we found one (hopefully within the next few weeks) could we then just transfer this mortgage offer on to that property? Or do we have to reapply again?

Thanks!

homer_j_3

Did you use a broker?

If so, they should change it all over for you. If not, just call the branch/call centre and advise them you wish to change property details, you will need to pay for a new valusation and a new offer will be issued. I couldnt tell you off the top of my head whether the cov will let you keep exisiting rate or not as all lenders work differently here.

The fact is that you will have to go with whatever the cov say if you want this new house.

livalicious

Thanks homer_j

I used London and Country, and i informed them about the property falling through. He said he will inform the case manager but he didnt say anything about having to reapply. I didnt ask then cos it only just crossed my mind today.

Also the valuation was free of charge, only had to pay a booking/arrangement fee upfront and a further fee when we complete.

homer_j_3

yes with the coventry they do offer one free valuation - the 2nd will not be free!

3. You may only have one free mortgage valuation which must be carried out by a valuer instructed by us. If you opt for a more extensive Homebuyers Report we will discount the cost of this by the amount of the mortgage valuation.

Once you have had the free valuation, it will mean any subsequent ones are not free. I would get onto your adviser to sort out and clarify.