Transferring mortgage application

WiseOwl00

Me and my partner put a mortgage application for a 90% LTV 2.99% product with Nationwide on the 30th of July. The application progressed slowly as we kept getting asked for further documents (three times in total). They finally accepted the documents and instructed the survey on the 12th of October. Unfortunately on the same day the seller of the house suddenly pulled out due to them not being able to find a house they liked, despite telling us for the last 10 weeks that they had one! Our mortgage advisor held the application and said once we've found a new house, he should be able to just add the details to the existing application. We've since found a new house and had an offer accepted. The house is £40,000 more expensive, but within our affordability. I've seen someone say that mortgage offers can't be transferred to another house with Nationwide, but does anyone if it's possible to transfer the application? We have literally just had our documents checked - no valuation or underwriting yet. My concern is that they don't allow it and we have to go through the whole, incredibly painful, process again. Plus I've seen the interest rates have increased which might be problematic as we are now buying a house at the top of our personal budget. Plus I calculated the monthly mortgage payments using the 2.99% rate when we were offering on the house. We can afford higher as we will only be borrowing 2.5x our income, but we were only willing to pay so much for the mortgage each month. 

I know my mortgage advisor will be able to advise me on this tomorrow and I'll find out soon enough. But it would be useful to just hear other people's experiences/knowledge as I could probably do with preparing myself in case anything else goes wrong! 

kingstreet

It's a new app, but the docs should be pulled across from the old app and only updated items requested, if necessary.

WiseOwl00

kingstreet said:

It's a new app, but the docs should be pulled across from the old app and only updated items requested, if necessary.

That's great thanks.
I spoke to my mortgage advisor this morning and we will be doing a new application. It's just a shame the rates have increased.