Can I move my new approved Mortgage to another city if I have been transferred by my work

Kayfranky

I have had a Mortgage approved by Halifax in December 2020 for a 3 bed house in Birmingham.(the process to complete has only just began in Feb 2021 as sellers solicitors have been really slow)
But My Job is in construction and most of my companies sites are in London .I have just been informed of transfer request to London as most of the sites that need work done on it are based in London for the next 3 years.
I also have Family in London including my Girlfriend.
I have found a 1 bed Flat in south London for the about same price as the property in Birmingham.
Can I move my new approved Mortgage to another the property in London since i have not yet claim the funds.
Or do I have to reapply for Mortgage for this Flat in London?

Vic20

I have just done this exact same thing with HSBC and they were happy to keep the original application intact and just change the address details and valuation. Mine was a desktop valuation though as it's a low LTV and it was the underwriting team who sorted it out, not the call centre.

Kayfranky

@Vic20 thanks for this information..I am doing mine via a broker.But can you confirm if you were moving into a city further away as I hear the distance of relocation could affect the application?

MWT

I would take your brokers advice on this as they are best placed to know of any problems given exactly how far through the process you are...

Given you are now considering a, presumably, leasehold flat rather than a freehold house I would suggest you do a little reading around the subject of EWS1 forms and the impact they are having on mortgage approvals if you have not already done so, and of course the usual question about the remaining period on the lease, just to avoid any further surprises assuming you are able to have the current application moved to the new property.

Kayfranky

Thanks @MWT the current process has not really progressed.In Fact my solicitors have not done any checks whatsoever.They only just received property documents from the other party this week.
For the flat in London it has about 70 years on the lease.But for the price it is selling means I will pay similar mortgage to what i would be paying in the midlands thereby making huge savings on London rent!
I will read EWS1 form and thanks again.

Kayfranky

@MWT Just read the EWS1 document..the flat i am looking to buy is all brick and the whole building is only 4 storey tall approximately 40 ft tall so far lower than 18 meters and above as stated in EWS1.
And It has no cladding too..though I will verify with residents in the block and the estate agents.

MWT

Brick is still most likely to be cladding, and height isn't stopping many lenders from asking for the EWS1 so it would be good to know if they have had the work done to produce an EWS1 and if so what the rating was.

Check some of the threads on here for the experience of others...

Kayfranky

@MWT ...i see..thanks for the heads up sir.

Vic20

Kayfranky, mine was moving from one village to another village with a different postcode but within the same postal district e.g. moving from AB12 3XY to AB1 2ST.

Caz3121

Kayfranky said:

For the flat in London it has about 70 years on the lease.

70 year lease in the minimum for Halifax so you would likely need to factor in the cost of extending the lease before you would be able to remortgage
worth a read here https://www.moneysavingexpert.com/mortgages/extend-your-lease/

Kayfranky

Caz3121 said:

Kayfranky said:

For the flat in London it has about 70 years on the lease.

70 year lease in the minimum for Halifax so you would likely need to factor in the cost of extending the lease before you would be able to remortgage
worth a read here https://www.moneysavingexpert.com/mortgages/extend-your-lease/

Very useful information @Caz3121  Thank you.