Back out of purchase but bring the mortgage offer?

housebuyer88

Hello,
We have agreed a purhase price and have paid the searches fee and mortgage valuation fee. We are now just waiting final confirmation of our mortgage with our lender (Scottish Widows) which should be any day now. We have now found a much better property that would actually be a lower value. We would keep the LTV the same or leave more cash in if required. 
We do not mind losing these fees as we are aware this will be the case.

My questions are-
1- if we put an offer in on this new property and agree a price less than or equal to the mortgage offer we've already been given, will we be re-credit checked and go through the entire process again or can we just get the new property valuated and move the offer across?

2- Our mortgage broker is within the firm of the house we will be backing out of too. Will he continue to work with us and help us if we destroy that purchasing relationship? Will we need to start again with a new broker?

Thank you! I hope you can help us.

Best,
Naomi

Windofchange

The mortgage offer is for the specific property, you cannot just transfer it over to a new place without new valuations, searches etc etc. Not as far as I am aware at least. I would imagine the broker will be happy to carry on representing you. It's business after all not a personal relationship, and he / she wants to put bread on the table. 

Thrugelmir

Rather than waste peoples time. Get on the phone first thing Monday morning. A change of mind shouldn't impact matters.  As has been said just business.