We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Mortgage approved but have no found a new house!
Options
LittleDrum
Posts: 96 Forumite
Hi All, as the title suggests, we had our mortgage approved before Xmas with additional borrowing for renovation works... Over Xmas we got cold feet and started looking again. Had an offer accepted on another house on Friday and we are now waiting for mortgage advisor to call me to update the details. We will now be effectively borrowing less on a more expensive property - LTV will now be 70% rather than 75%.
Will this be a whole new mortgage application or just a change of address with new valuation? Trying to work out how long this may take. We are porting our current rate plus additional borrowing until out Fixed Price ends in May when we will combine them both.
Will this be a whole new mortgage application or just a change of address with new valuation? Trying to work out how long this may take. We are porting our current rate plus additional borrowing until out Fixed Price ends in May when we will combine them both.
0
Comments
-
It will depend on the lender. They all have different processes.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.1
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.1K Banking & Borrowing
- 253.2K Reduce Debt & Boost Income
- 453.7K Spending & Discounts
- 244.1K Work, Benefits & Business
- 599.2K Mortgages, Homes & Bills
- 177K Life & Family
- 257.5K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards