Mortgage offer but sale has fallen through

Vanilla76

We received our mortgage offer on Jan 5th. Our vendors pulled out a few days later. We have since found another property and had our offer accepted. As its only been 2 weeks since we received our mortgage offer will we have to go through the whole process again? Our offer is with Santander and the new property is £14,000 more than the original one but still within our original Mortgage in principle. Will they re do credit checks and underwriters etc. I realise that Santander will need to value the new property.

Does anyone have any experience of this?

giddypenguin

4 years ago we had a complicated sale/purchase which fell through several times. We had 2 surveys and a valuation done on one house only to have the venders pull out 10 minutes before exchange.

We then ended up buying a new build a few months later - we had 2 (or possibly 3) valuations on this property (became a bit of a joke) due to re-negotiations - information kept coming to light allowing us to drop the price.

We had a very understanding mortgage adviser at Lloyds/C&G and (somehow) only paid one arrangement fee.

So certainly possible but entirely depends on your circumstances- the only person who'll tell you for sure is the person who picks up the phone when you ring Santander.

teffers

I had a similar situation with the Leed BS.

My purchase stopped shortly after receiving my mortgage offer. My broker advised that as long as I completed on the next property before my offer ran out (6 months) only a new valuation and a change of property submission was needed with my lender.

Unfortuantley that was 3 months ago so my mortgage offer will expire soon so I've cancelled it and will re-submit the whole application again once the time comes.

Good luck :-)

Tansy_1980

Same thing happened to us on 2 different occasions. We had to pay for the survey again on one of the properties, but as the purchase price was the same we didn't need to submit a new application - our existing application was varied. This was 3/4 years ago though, pre MMR checks.

Filo25

Happened to me around about the same time as it did to you, had the mortgage offer and property fell through the next day.

In my case L&C/Nationwide, I was told that I would have to go through the process from scratch the next time I had an offer accepted, from what L&C were saying it varies by lender, whether you can carry the offer to a new property or not.

Wassa123

Yes, several times!

You may be able to keep it and use it before it expires. You'll probably have to pay another valuation/survey fee on the new property though.

Might be a good thing though, another mortgage company may be cheaper by the time you find a new place!