Do I have to reapply for a mortgage?

NorthernerDownSouth

Hi,

My wife and I had a mortgage offer from a lender for a specific property in Nov 2018, valid for 6 months. The seller of that property pulled out of the sale at the last minute leaving us with a mortgage offer for a property no longer for sale.

We have now found another property which is for less money than was originally offered to us but the lender has said they require another credit check to reduce the mortgage amount and to transfer the offer to the new address (subject to their own valuation taking place). This concerns us as our credit score substantially decreased due to us applying for a mortgage in the first place and we are worried that we won't be accepted this time.

Is it normal for a lender to request you reapply for an amount less than what has already been offered just to change the purchase address, even when the previous offer doesn't expire for 3 months?

[Deleted User]

Yes. Change of property is a massive change. It's not 'just to change the purchase address'.

Don't be concerned about a drop in your fictitious credit score. Searches are a fact of life when applying for a mortgage.

Finchy2018

We had to apply again when we changed our minds on property. It was dealt with quickly even though we increased our borrowing. No issues what so ever. There was a gap of 3 months between first application and second one. Had to give new payslips and bank statements but all fine.

chunkytfg

NorthernerDownSouth wrote: »

Hi,

My wife and I had a mortgage offer from a lender for a specific property in Nov 2018, valid for 6 months. The seller of that property pulled out of the sale at the last minute leaving us with a mortgage offer for a property no longer for sale.

We have now found another property which is for less money than was originally offered to us but the lender has said they require another credit check to reduce the mortgage amount and to transfer the offer to the new address (subject to their own valuation taking place). This concerns us as our credit score substantially decreased due to us applying for a mortgage in the first place and we are worried that we won't be accepted this time.

Is it normal for a lender to request you reapply for an amount less than what has already been offered just to change the purchase address, even when the previous offer doesn't expire for 3 months?

ignoring the Score as thats just a nonsense number, What do you think the Mortgage lender is going to think when they do the credit check?

It wont be 'OOh they've not long ago had a credit check so I wont lend them money even though it was me that did the check?'

Then will look at your credit history and providing nothing has changed and the house is deemed to be a suitable risk for them then they will almost certainly say yes lending to you.:beer:

iquit

Finchy2018 wrote: »

We had to apply again when we changed our minds on property. It was dealt with quickly even though we increased our borrowing. No issues what so ever. There was a gap of 3 months between first application and second one. Had to give new payslips and bank statements but all fine.

Had similar when I pulled out of a purchase after survey. It was pretty painless.

amnblog

You are worrying about a problem that does not exist.

This Lender, or another - there will still be an up to date credit search.

Such a search will not cause you a problem.