Question for the brokers

Taggo

Good evening, 
Quick question for the brokers please.

Family member had an offer accepted on house pre corona and got mortgage on place with TSB 10% deposit. 

Due to corona the sellers new build has dragged on to an extent family member can no longer hang on. 

Today they had an offer accepted on a different property. 10k less than the one they have had mortgage approved on. However I notice TSB new mortgages now require 20% deposit, a corona thing I assume. 

Will he now have to find 20% or will tsb be able to simply change the property on the original offer.

Obv he can find this out when he contacts them. Just something we were discussing tonight. 

(Scotland, so home reports etc mean the valuation will check out) 

ACG

He should be able to switch to the new property.
However, I dont have much to do with TSB so I am not sure whether they will stick to the original expiry date of the mortgage offer, that may mean he has to complete pretty sharpish to keep the 90% product. 

Taggo

Ah, hopefully that pans out then because he has till September on original offer, New house completion date is 28th August. Vacant property so should be straightforward. Thanks ACG. 

[Deleted User]

Tsb require a new product on change of property unfortunately.  So if he changes property now he will need a 20% deposit.

Just tried this last week and was surprised that the won't just change property like some other big lenders 

Unless they go to a different lender of course.  There are a small number still operating at 10%

Taggo

He got an agreement in principle with Halifax for 15% a couple of weeks ago as was potentially going to get a more expensive property. As it happens it's less so 15% won't be the end of the world. He will ask his broker to do what he can tomo I guess. 

ACG

Deleted_User said:

Tsb require a new product on change of property unfortunately.  So if he changes property now he will need a 20% deposit.

Just tried this last week and was surprised that the won't just change property like some other big lenders 

Unless they go to a different lender of course.  There are a small number still operating at 10%

Everyday is a school day.