How easy is it to change the property with a new mortgage?

Mortgage_Moog

I had an offer accepted on a flat but then the valuation showed that it was of non-standard construction so I no longer want to buy it due to the fact that it could prove very hard to sell in the future with only a few lenders willing to mortgage non-standard properties.

How easy or hard is it going to be to just change the mortgage to a flat of exactly the same value, or less?

I should imagine it's quite simple and I might just have to pay for another valuation and possibly a small admin fee to the mortgage lender. My solicitor never even got as far as doing the searches so I can't see I'd owe them anything, all they did was check my ID and said I was ok to proceed to paying up front for the searches to be done.

I haven't told anyone yet and thankfully with it being a bank holiday weekend I have time to think about it all before taking any action

VanessaHilton

It should be very simple. Mortgages are are agreed in principles - often to referred to as DIP (Decision in Principle) - this then allows you to go 'shopping' for the property, and the mortgage can usually be used on anything for the same value, providing the valuation stacks up etc which is usually the case when its on with an agent! (I'm a mortgage advisor .. )

Any questions, fire away!

kingstreet

Nationwide is a new application.

Halifax is a change of property and on completion you get the first valuation fee refunded.

It varies from lender to lender, so impossible to tell, as you haven't told us yours!

Mortgage_Moog

VanessaHilton wrote: »

It should be very simple. Mortgages are are agreed in principles - often to referred to as DIP (Decision in Principle) - this then allows you to go 'shopping' for the property, and the mortgage can usually be used on anything for the same value, providing the valuation stacks up etc which is usually the case when its on with an agent! (I'm a mortgage advisor .. )

Any questions, fire away!

Thanks for that very fast response. Is an AIP the same as a DIP? I am waiting for the mortgage offer to come in the post today so I suppose I should wait and read that before anything else. I just feel very down about this, I was so looking forward to moving in and everything was going so well and now I'd like to say I've hit a brick wall but unfortunately that's the whole problem - it's a concrete wall!

Mortgage_Moog

kingstreet wrote: »

Nationwide is a new application.

Halifax is a change of property and on completion you get the first valuation fee refunded.

It varies from lender to lender, so impossible to tell, as you haven't told us yours!

I'm with Woolwich (Barclays). I did ask this and they said it was valid for 6 months should I change my mind but I can't get in touch with them until Tuesday.

kingstreet

Never had a Barclays change of property, so hope for better knowledge than mine on that particular lender.

Mortgage_Moog

I think they're open today actually so I'll call them and see.