Switch mortgage offer to different property

Derboy

We have a mortgage offer with the Leeds on a new build. Ive got another thread open about this in a different section of the forum (it's been delayed and we can now walk).

Can anyone tell me what happens if I want to switch the mortgage offer to a different property? The LTV would be slightly less, as would the amount borrowed.

Thanks. :beer:

Trying_to_be_good

They'd need to do a valuation on the new property. If it's not a new build, and the valuation stacks up, it's likely to be a better proposition for them than a new build (which loses value as soon as you complete) and your LTV might drop into a better bracket with a lower LTV.

Your affordability wouldn't change, unless there's major work that needs doing to the replacement property. Good luck - sounds exciting :-)

Mr_Potato

We had a purchase fall through and our lender (not Leeds) wouldn't transfer the mortgage offer, we had to do a full new application with all the fees again