Exploring options during mortgage application

proformance · 30 April 2020 at 12:53PM

Hi guys

As first-time buyers, we're unsure on many things in the purchase process. We're currently midway thru an application with a lender, who's seemingly approved us, but now pending a property valuation.

During this time (delayed for obvious reasons), we've seen big fluctuations in asking prices on comparable properties that we'd be keener on. Given it wouldn't be in good faith to try and renegotiate the terms of the purchase for the property for which the mortgage is being applied, but what about pivoting the purchase entirely?

In other words; we've seen some properties that represent much better value. Honestly, I expected the broker/lender to come back and say "you're provisionally approved for £x borrowing", however, given that the application has gone to the valuation stage, I feel like that stage has already passed and I really don't want to waste the lenders time.

What I'm asking is:

1) Am I right in thinking that we've already gone past a "pre-approval" (or "mortgage in principle") phase, given they're already trying to set dates for a physical/desktop valuation?
2) Is it too late to apply against a different property?

Thanks,

Z