Offer accepted on property ... Can I progress with mortgage application?

PixarFan

I had DIP from Nationwide in September. I have been looking for properties ever since, and it looks like (fingers crossed) that an offer may be accepted on a property tomorrow. However, the owners of the property have not yet found somewhere, so it may take a while. My question is, can I progress with my mortgage application with Nationwide once my offer has been accepted, even though they have not found a property yet? Hope this makes sense.

Bonfire_Bride

I wouldn't...

Mortgage offers are usually only valid for 6 months. With only 2 months until Christmas, the house market usually remains quiet until the new year. House purchases usually take 6+ weeks after the chain is complete (usually much longer) so you could risk your mortgage offer expiring.

I would wait until the chain is complete and then submit your mortgage application.

Hoploz

Yes don't incur any costs until the chain is complete.

You can find a solicitor and let them know you'd like them to act for you - the EA will want their details for the sales memorandum - but you tell the solicitor not to proceed until you're ready. It's normal and happens all the time.

You never know your seller may not find anything and decide not to proceed with their sale at the moment in which case you'll have to look for another property. It's a good idea to keep abreast of what else comes on in the meantime, just in case.

G_M

PixarFan wrote: »

.....My question is, can I progress with my mortgage application with Nationwide once my offer has been accepted, even though they have not found a property yet? Hope this makes sense.

Of course you can.

Whether you want to is another matter.