Mortgage offer but have since changed address - process

alfie1104

Applied and accepted for a mortgage with nationwide in July however the house sale fell through and we are now considering a new property. The new property is less which would reduce amount borrowed by £50000. The current mortgage is due to expire end of February so my question was can this mortgage offer be moved to the new property? If this can be done will it still expire end of February and require an extension or would it have 6 months? Does this also require new checks such as payslips and bankstatements? I am worried as had used overdraft in the months coming up to christmas. 

MWT

alfie1104 said:

Applied and accepted for a mortgage with nationwide in July however the house sale fell through and we are now considering a new property. The new property is less which would reduce amount borrowed by £50000. The current mortgage is due to expire end of February so my question was can this mortgage offer be moved to the new property? If this can be done will it still expire end of February and require an extension or would it have 6 months? Does this also require new checks such as payslips and bankstatements? I am worried as had used overdraft in the months coming up to christmas. 

You are going to have to talk to the lender, but if the £50k reduction also results in a significantly different LTV then you are going to needing a different mortgage product anyway...

Edi81

Depends who the lender is - some allow you to change others don’t. 

As MWT says the expiry of the offer in February doesn’t really allow much time to get through

kingstreet

Whole new application for property change with Nationwide

Jemma01

My application changed in value I think I asked for 70k more. The 70k increase for me was still within the amount they're willing to lend me based on my income. My HSBC mortgage advisor said that a new application is needed if the property changes regardless. So I think it's a lender by lender thing. They still need to assess the property, as the new one might be cheaper but some nonstandard build, or very old and needs a survey.

kingstreet

https://forums.moneysavingexpert.com/discussion/comment/81855244#Comment_81855244

FWIW the broker route allows a change of property. The given reasons for a new application are;-

If your request is for any of the reasons below, we would not be able to action this via this form, you must submit a new mortgage application in these instances:

• To add or remove an applicant

• To change the type of borrowing, e.g. change from Purchase to Remortgage or Residential to BTL

• If we have already received the Certificate of Title from the Solicitors acting.

• If a previous offer extension has been approved, no further changes can be made beyond the original offer expiry date.