Do Kent Relliance allow change of property on a mortgage offer?

md64

Hi All,

We are due to exchange end of next week for a new build shared ownership home. The property is due to be finished by January, it’s a 3 bed and in an ideal world with 3 children of different ages at some point we will need a 4 bed. 

Well… the house we looked at 2 years ago and couldn’t afford but now can has come up for sale and it’s perfect for us. Costings aren’t much different but we will be getting an extra 400 square foot of house. 

Are we the only ones who have had this predicament whilst awaiting solicitors to exchange!? Will Kent allow us to just swap houses with the same rate and product or Would it be a full application with unfortunately much higher rates? 

Advice please!? We will speak to our broker but thought I’d post here too  

JMA74

Is your other home going to be shared ownership?   They have specific shared ownership products so if not you'll have to take a new product 

md64

Yes the new home is shared ownership so we will need the same product, same ltv but we will be borrowing round 30k less as the percentage we will purchase is different. 

Doorlock21

Interested to know! I’m thinking of doing the same 

K_S

@md64 I don't do a lot of KR apps so haven't come across this exact situation. Even if they do change the property on your offer, the issue might be that there isn't sufficient validity left on the offer to be able to complete on the new purchase before expiry.

I hope it all works out though, good luck!

md64 said:

Hi All,

We are due to exchange end of next week for a new build shared ownership home. The property is due to be finished by January, it’s a 3 bed and in an ideal world with 3 children of different ages at some point we will need a 4 bed. 

Well… the house we looked at 2 years ago and couldn’t afford but now can has come up for sale and it’s perfect for us. Costings aren’t much different but we will be getting an extra 400 square foot of house. 

Are we the only ones who have had this predicament whilst awaiting solicitors to exchange!? Will Kent allow us to just swap houses with the same rate and product or Would it be a full application with unfortunately much higher rates? 

Advice please!? We will speak to our broker but thought I’d post here too  

md64

Doorlock21 said:

Interested to know! I’m thinking of doing the same 

Morning! Glad I’m not the only one… my poor broker is going to hate me. What’s your situation?

md64

K_S said:

@md64 I don't do a lot of KR apps so haven't come across this exact situation. Even if they do change the property on your offer, the issue might be that there isn't sufficient validity left on the offer to be able to complete on the new purchase before expiry.

I hope it all works out though, good luck!

md64 said:

Hi All,

We are due to exchange end of next week for a new build shared ownership home. The property is due to be finished by January, it’s a 3 bed and in an ideal world with 3 children of different ages at some point we will need a 4 bed. 

Well… the house we looked at 2 years ago and couldn’t afford but now can has come up for sale and it’s perfect for us. Costings aren’t much different but we will be getting an extra 400 square foot of house. 

Are we the only ones who have had this predicament whilst awaiting solicitors to exchange!? Will Kent allow us to just swap houses with the same rate and product or Would it be a full application with unfortunately much higher rates? 

Advice please!? We will speak to our broker but thought I’d post here too  

Thankyou, the offer exspires 23rd Feb. I’ll keep you all updated. Each house has pros and cons… main being size V location. I’m hoping our broker makes the decision for us!