If sale falls through after mortgage offer?

toc25

Just curious if anyone knows what happens if a house purchase falls through after receiving the mortgage offer? Say I was to then find another property to buy of a similar price would I have to go through the whole application process again? It's with Natwest.

Thanks

stator

Most lenders will let you transfer the application to a new property, don't know about Natwest.

It doesn't mean you will get a mortgage, but you might save a little on the paperwork, you'll still have plenty to do.

The main advantage is that you wouldn't have to go through all the tedious mortgage suitability questions so they can make sure they don't 'miss-sell' you the mortgage. When I applied with santander that was tedious.

LKRDN_Morgan

This happened to me about a month ago. Once we'd found a new house our broker sent the new property details to the mortgage lender. Had to get another valuation done. Went to the underwriters again but only took a week in total to have our offer updated

nb0825

If you're reasonably confident you'll get the mortgage (low LTV, steady stream of salaried income), push the vendor to exchange contracts asap. He won't be able to pull out without considerable cost in court.

Princey1983

Do Natwest ask for more payslips/statements? I'm in the same boat, house fell through after valuation stage but had been approved from the financial side at the underwriters.

dreamtrue

I am with Nartwest as well and our buying is falled..so what will happen to our existing offer...

amnblog

Nat West will need to assess the new property and consider any adjusted figures before they generate a new offer.

If you application has been in some time they may ask for up to date bank statements or wage slips.

You are not starting the process again, merely re-considering the process that has completed before.