Sale fallen through - is mortgage offer still valid

peppapig14

our sale purchase fell through this week due to sellers deciding they no longer want to sell.
our mortgage offer is with Nationwide and it says it"s valid untill mid August.  If by some miracle we find another property in the next few weeks what would happen to our mortgage offer? if a valuation was done on another property, and we wanted the offer to be same ( ie we still expect the LTV to be same , and new purchase will probably be similar in price - it will be literally changing address ) would it just be updated or would we need to go through process again providing updated statements etc)
Thank you

davidmcn

That offer isn't valid, because it's specific to the property, but I'd expect the process to be streamlined compared with the original application. May well need updated evidence of income given the number of people furloughed etc.

kuratowski

If it's Nationwide, it's an entirely new application as they don't allow mortgage offers to be transferred to a new property.  Not all banks have the same process.

peppapig14

thank you both for the comments. looks like will just need to wait and see, and hopefully it will be streamlined as suggested in the 1st post 

bell

This happened to me but with Natwest. You'll need a new valuation on your next property, but generally if the new property is equal or less in value then underwriting the new offer was more or less a formality (providing there are no other material changes).

However, depending on your LTV getting a valuation done might take a bit longer than normal currently due to lockdown.