Change house after mortgage offer received

Helen_Mousbe

We have received a mortgage offer with Santander 3 weeks ago. It states it is valid for 6 months. We used mortgage broker.
We have since viewed the property second time, and found rising damp in the property. We are reluctant to buy it.
We have seen a house that we like, it is 20k more expensive.
Can we change the house? what would be the process? I understand we would have to pay valuation fee again. would we need to provide all info again? would we need to provide the latest documentation?

Thanks

Exodi

Are you applying directly to your lender or via a broker?

As far as I'm aware, you will need to make a whole new application.

Fortunately you will have all the details and understanding of what is needed, so it shouldn't add too much extra time.

Bakeoff

If you are using a broker, it'll be a fairly straightforward process for them which ordinarily will not require you providing any further information/documents other than the details of the new property. It isn't a complicated process if there are no affordability issues and the property is standard.

If you went direct, I'm not entirely sure of the process. Hopefully another forumite will know or you could call Santander and ask.

Helen_Mousbe wrote: »

We have received a mortgage offer with Santander 3 weeks ago. It states it is valid for 6 months.
We have since viewed the property second time, and found rising damp in the property. We are reluctant to buy it.
We have seen a house that we like, it is 20k more expensive.
Can we change the house? what would be the process? I understand we would have to pay valuation fee again. would we need to provide all info again? would we need to provide the latest documentation?

Thanks

Helen_Mousbe

we used broker. so if the house is a bit mire expensive, would we have to provide recent bank statements and payslips?

thanks

Retired_Mortgage_Adviser

No, not necessarily. Based on the information already provided, your broker knows what your affordability is and already has all the supporting evidence.

If (based on your affordability) you can afford a more expensive house, all the broker needs to do is submit the appropriate form through the lender's intermediary portal.

Depending on how long it has been since the application, the broker *might* for compliance purposes or for the lender, require a copy of the latest month's bank statement or payslip or both. Your broker will tell you if that is the case.

Helen_Mousbe wrote: »

we used broker. so if the house is a bit mire expensive, would we have to provide recent bank statements and payslips?

thanks

F0xyLady

We too found a better, more expensive house once we had a mortgage offer on a different property when we bought our first house.

Our advisor at the bank re-did our application over the phone for us and we didn't need to provide anymore wage slips as it was still in our affordability. We obviously had to re-do all our paperwork with the solicitors though.