what happens with the mortgage when the sale falls through?

Iliaxtida

I managed to get a mortgage offer by Barclays but the flat sale fell through. My mortgage broker advised me to leave the mortgage as it is and when I find a new flat, she will submit a mortgage modification. 

I am wondering if that's the right approach. I got the mortgage offer 4 days ago. Will it be better to cancel it and start all over when I find a new flat? Will it affect my credit score?

When you submit a mortgage modification, can you change the property, the money you want to borrow and the deposit? I'm asking in case I find a more expensive flat where I have to put down a higher deposit and borrow more. 

Many thanks

ACG

Subject to affordability you can change the loan amount yes. Its usual for the purchase pricce to differ from one property to the next. 

Leave it sitting there, when you find a new property you can switch it over. Your broker is saying the same as I would. 

movilogo

Typically mortgage offer remains on table for 6 months. If you find a property within that price then you may simply use for new house. If you need to borrow more than bank may ask you to submit a new application.

amnblog

Why are your questioning your Broker? She sounds like she knows what she is doing.