Change Property after Mortgage Offer?

andycorleone

I have a mortgage offer from Halifax just before all this mess started with the Valuation accepted and everything. by that time the price I was paying for the flat was fair but now until everything is more clear I want to wait before proceeding with the purchase. 

Recently a State Agent contacted me regarding a Flat I saw which I was really interested but was a bit above my budget. but he told me seller was now really motivated to sell. So I sent a low ball offer of 15% asking and was accepted. Now What? I understand lenders are not offering anymore mortgages like the offer I had of 15% deposit.  Do you guys think because I already have the offer approved I may be able to just ask to valuate this new flat and if everything is OK received another offer? 

NathanCole

Hi Andy,
In this instance you should simply be able to change the property address with the lender and a new valuation will need to be carried out (You may need to pay another valuation fee, depending on your product).
With regards to the valuation, although physical valuations are not taking place, lenders are now trying to carry out 'Desktop' valuations were they can.
Hope this is helpful.
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purple_ck

andycorleone said:

I have a mortgage offer from Halifax just before all this mess started with the Valuation accepted and everything. by that time the price I was paying for the flat was fair but now until everything is more clear I want to wait before proceeding with the purchase. 

Recently a State Agent contacted me regarding a Flat I saw which I was really interested but was a bit above my budget. but he told me seller was now really motivated to sell. So I sent a low ball offer of 15% asking and was accepted. Now What? I understand lenders are not offering anymore mortgages like the offer I had of 15% deposit.  Do you guys think because I already have the offer approved I may be able to just ask to valuate this new flat and if everything is OK received another offer? 

Hi Andy,

How did you get on with this? I am in a similar position where I had a mortgage offer for a flat pre covid - the seller wouldn't accept our lower offer (the value on the home report) so the sale is no longer going ahead. We have seen a few places that are more expensive and wasn't 100% sure on if this is easily changed if we have a valuation etc for the new property

Nigelokeefe83

We are in a slight different position, we had an offer from the Halifax and was just about to exchange when the seller pulled out. We have had an offer accepted on another property which is Only £7k more than the previous, our mortgage broker said we need a new mortgage offer so waiting for the LTV to return to 90%.

On the original offer we had to get a brand new offer from Halifax just for a change of solicitors, not sure if this will also be the case for a change of address but apparently Halifax make you reapply for the smallest of changes.

bell

We had a seller pull out on us with a Natwest offer in place. The property was 28k less but we had to pay for a new valuation and it had to go to underwriting again, though the underwriting was basically a formality.