Mortgage advice

klloyd89

Good evening,

Looking for a little bit of advice, We are in the process of buying a shared ownership property however the sellers have been delayed with their new build and looks like it now be ready in march ( we had our offer accepted in august). I have a mortgage offer all in place and lasts until mid April.
A freehold property has come up near us for sale and is a the top of our budget if we were to go the freehold option.

My question is would i be able to apply for a new mortgage offer for this property and the existing one still be in place? or would current mortgage lender pull out of original offer?

As it would need to borrow pretty much the limit of what calculators show we can borrow i wouldn't be so confident in getting it and would be scared we would need to pull out of first property and then wouldn't be able to borrow enough for this one and be back to square one.

hope someone can help clear this up

Medihv

I think you defiantly need a independent mortgage adviser. It's their job to hunt for the best deal for you.

Those quick online calculators are pretty rubbish and a mortgage adviser will be able to throw your details into the system and see all of the lenders that are willing to lend to you. The online calculators tend to do either 4x your annual salary. and some will go up to 4.20x.

There are many lenders willing to go above this, but will focus more on affordability. They may even change your mortgage from say 30 years, to 35 years to make the payments more affordable. But defiantly speak with a mortgage adviser. Most of the time they are able to find a deal with cash back which offsets there costs.

Have faith, they will lend you what you can afford to pay back. So if you know you can make the payments you will be ok. But only you can pick between the properties :)