Using mortgage on different property

movilogo

I had a mortgage approved for a property which remains valid for another 3 months. But due to some legal dispute on the property it appears I have to pull out.

Can I use the same mortgage for a different property (not borrowing more than original mortgage offer) without making a fresh application?

My mortgage broker asked this question to the lender (HSBC) but has not got any reply. He said they are taking long time nowadays to reply back. The lender did a free desktop valuation on the property - so they have not incurred any cost like sending a real surveyor. 

Applying for a brand new mortgage means I have to pay lot higher interest rate. 

K_S

@movilogo Unless they've changed policy in the last few weeks, HSBC will allow me to change the property on the client's offer keeping the same product/rate and offer another free val. Even better, they will also reset the validity of the new offer so the client gets another 6 months to complete.

movilogo said:

I had a mortgage approved for a property which remains valid for another 3 months. But due to some legal dispute on the property it appears I have to pull out.

Can I use the same mortgage for a different property (not borrowing more than original mortgage offer) without making a fresh application?

My mortgage broker asked this question to the lender (HSBC) but has not got any reply. He said they are taking long time nowadays to reply back. The lender did a free desktop valuation on the property - so they have not incurred any cost like sending a real surveyor. 

Applying for a brand new mortgage means I have to pay lot higher interest rate. 

london21

Hopefully get another property within the time scale, Halifax don't allow good HSBC does. 

Ashstar0000

K_S said:

@movilogo Unless they've changed policy in the last few weeks, HSBC will allow me to change the property on the client's offer keeping the same product/rate and offer another free val. Even better, they will also reset the validity of the new offer so the client gets another 6 months to complete.

movilogo said:

I had a mortgage approved for a property which remains valid for another 3 months. But due to some legal dispute on the property it appears I have to pull out.

Can I use the same mortgage for a different property (not borrowing more than original mortgage offer) without making a fresh application?

My mortgage broker asked this question to the lender (HSBC) but has not got any reply. He said they are taking long time nowadays to reply back. The lender did a free desktop valuation on the property - so they have not incurred any cost like sending a real surveyor. 

Applying for a brand new mortgage means I have to pay lot higher interest rate. 

Hi I am in a similar situation and wanted to double check if HSBC would let you change the property and wether they will ask for another credit check or Just valuation of the new property. Please let me know

K_S

Ashstar0000 said:

K_S said:

@movilogo Unless they've changed policy in the last few weeks, HSBC will allow me to change the property on the client's offer keeping the same product/rate and offer another free val. Even better, they will also reset the validity of the new offer so the client gets another 6 months to complete.

movilogo said:

I had a mortgage approved for a property which remains valid for another 3 months. But due to some legal dispute on the property it appears I have to pull out.

Can I use the same mortgage for a different property (not borrowing more than original mortgage offer) without making a fresh application?

My mortgage broker asked this question to the lender (HSBC) but has not got any reply. He said they are taking long time nowadays to reply back. The lender did a free desktop valuation on the property - so they have not incurred any cost like sending a real surveyor. 

Applying for a brand new mortgage means I have to pay lot higher interest rate. 

Hi I am in a similar situation and wanted to double check if HSBC would let you change the property and wether they will ask for another credit check or Just valuation of the new property. Please let me know

@ashstar0000 Can't speak for your specific case but as far as I am aware, what I said in the quoted post is still how it works with HSBC - "HSBC will allow me to change the property on the client's offer keeping the same product/rate and offer another free val. Even better, they will also reset the validity of the new offer so the client gets another 6 months to complete."

Ashstar0000

K_S said:

Ashstar0000 said:

K_S said:

@movilogo Unless they've changed policy in the last few weeks, HSBC will allow me to change the property on the client's offer keeping the same product/rate and offer another free val. Even better, they will also reset the validity of the new offer so the client gets another 6 months to complete.

movilogo said:

I had a mortgage approved for a property which remains valid for another 3 months. But due to some legal dispute on the property it appears I have to pull out.

Can I use the same mortgage for a different property (not borrowing more than original mortgage offer) without making a fresh application?

My mortgage broker asked this question to the lender (HSBC) but has not got any reply. He said they are taking long time nowadays to reply back. The lender did a free desktop valuation on the property - so they have not incurred any cost like sending a real surveyor. 

Applying for a brand new mortgage means I have to pay lot higher interest rate. 

Hi I am in a similar situation and wanted to double check if HSBC would let you change the property and wether they will ask for another credit check or Just valuation of the new property. Please let me know

@ashstar0000 Can't speak for your specific case but as far as I am aware, what I said in the quoted post is still how it works with HSBC.

Thank you, I went via a broker and not directly so hopefully still the same. Just wanted to double check if they would need to do another credit check as they already done one about a month ago.

Also the new property might be around 10k more but is within my affordability. And I will keep it 90% LTV. 

JosHat

Ashstar0000 said:

K_S said:

Ashstar0000 said:

K_S said:

@movilogo Unless they've changed policy in the last few weeks, HSBC will allow me to change the property on the client's offer keeping the same product/rate and offer another free val. Even better, they will also reset the validity of the new offer so the client gets another 6 months to complete.

movilogo said:

I had a mortgage approved for a property which remains valid for another 3 months. But due to some legal dispute on the property it appears I have to pull out.

Can I use the same mortgage for a different property (not borrowing more than original mortgage offer) without making a fresh application?

My mortgage broker asked this question to the lender (HSBC) but has not got any reply. He said they are taking long time nowadays to reply back. The lender did a free desktop valuation on the property - so they have not incurred any cost like sending a real surveyor. 

Applying for a brand new mortgage means I have to pay lot higher interest rate. 

Hi I am in a similar situation and wanted to double check if HSBC would let you change the property and wether they will ask for another credit check or Just valuation of the new property. Please let me know

@ashstar0000 Can't speak for your specific case but as far as I am aware, what I said in the quoted post is still how it works with HSBC.

Thank you, I went via a broker and not directly so hopefully still the same. Just wanted to double check if they would need to do another credit check as they already done one about a month ago.

Also the new property might be around 10k more but is within my affordability. And I will keep it 90% LTV. 

We're in exactly the same position as you, and have been waiting for a while on HSBC to confirm the offer on the new property... The recent hikes in rates are making me worried that it might come back with a different rate attached to it. What happened in the end for you?