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Moving mortgage offer to a cheaper property
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Jaywood89
Posts: 161 Forumite
So I’ve had my mortgage offer which came in substantially under AIP amount, meaning I am having to wait on money to be gifted to up a deposit. I’m getting the feeling from the very pushy sales professor working for the seller that they don’t want to wait, fair enough! Their house, they may do as they wish.
In anticipation of them backing out I had a look at what else is on the market. I’ve seen a few properties have come available which would mean I wouldn’t need the gifted money. I just want to know how would it work to move the offer to another property, I used a broker and have paid the fees to them already. I imagine searches and valuation fees would be due again, that doesn’t surprise me but do I have to start from the very beginning!?
In anticipation of them backing out I had a look at what else is on the market. I’ve seen a few properties have come available which would mean I wouldn’t need the gifted money. I just want to know how would it work to move the offer to another property, I used a broker and have paid the fees to them already. I imagine searches and valuation fees would be due again, that doesn’t surprise me but do I have to start from the very beginning!?
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Comments
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It should be fairly straightforward to switch it over, but will depend on the finer details.
Speak to your broker.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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