Is it possible to move a mortgage offer to new property

samminich

To cut a long story short we have 3 weeks left on our 6 month mortgage offer and the top of the chain has pulled out a couple of days before exchange. As we secured a good deal before the rate increases we don't really want to lose it, if we have to we have to.

What we would like to know is can we take this offer and get it extended and start the process of buying something new, or would we have to get a new deal and start again?

Any help would be appreciated.

MortgagesInc

It depends which lender you're with, and what type of rate. Some lenders will not extend any fixed rates at the moment

dwsjarcmcd

You will need to have a new deal I'm afraid. The reason for this is that your mortgage offer is based on 2 key parts
1. The parties to the mortgage i.e. you and whoever else is buying the house with you and

2. The property, or security for that mortgage.

If either of these change, then you will need to start again.

David