When to apply for mortgage when moving house

Crizzy

Hi all,

Just wondered if someone could offer me some pointers?

We have our mortgage in principle, we have sold our property and had an offer excepted on another.

We've just arranged for a house survey to be conducted and sent all our documents over to the solicitors.

We have a current mortgage, which as I understand we can port, but it would be a separate product so we would have 2 monthly repayments

Our MiP is for one consolidated figure for one term. 

But what I am not sure about is when we actually apply for the mortgage, is this something we should do now and then it'll just wait until we complete?

The owners of the house we are moving in to are going to a new build so they won't be moving until March April next year, which also means that there is still a lot that could make this fall through in the meantime.

Any advice would be appreciated, many thanks,

Crizzy

TheJP

If you port and take out another product with the same lender it will be 2 different rates but they will combine the payments so you only pay one sum each month. Did this in March when i ported my mortgage and borrowed more.

TheJP

Most mortgage offers last about 12 weeks so may wait until January before making an application.

nimbo

Mine was good for six months. 

RelievedSheff

Our mortgage offer was for 6 months, so we applied 5 months before we needed it to make sure that everything ran smoothly.

Crizzy

Thanks all, 6 months seems to be more standard now it seems.

We're proceeding now, and hopefully complete within that time, so long as there are no issues with the new build!

Cheers

Crizzy

RelievedSheff

You can usually get an extension on the offer is things drag on a bit too long.