Mortgage saga

[GogoGobo]

We applied for a mortgage 25th April and got an offer on the 22nd July....felt like a complete roller coaster and so it continues.....
We have been trying to get to exchange status on the house but we are hitting legal snag after legal snag and whilst the mortgage valuation was ok we got a massive down valuation on our homebuyer survey due to the proximity of the property to a slurry pit. We are pretty much ready to throw the towel in on the purchase. Today we saw another house, it is about £100k cheaper the original one. Will we need a brand new mortgage application or can we amend and switch our current mortgage offer?? (Subject to a new valuation)

Yes, you should be able to change property but keep the current offer. Contact the lender/broker. You want to make a 'material change' because it is a different property, but the fact that it is cheaper than the original is good - you've basically been approved for the funds anyway but, as you say, will be subject to satisfactory valuation on the new property.

You might be able to secure a better product though if the lower price would result in you having a better loan to value, i.e. might you drop from a 75% LTV to a 60% LTV?