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Mortgage swop

2 replies

Jcee · 05/02/2012 12:49

We had an offer accepted on a property in late November and sorted out a mortgage etc before Christmas. Then our vendors told us they had a family emergency and asked for a few weeks break to deal with everything so we put everything on hold. Then, to cut a long story short, strung us along through january and pulled out of the sale last week, after admitting to the esTate agent they'd just changed their minds!

We've got buyers eager to go, so started panicky house hunting again and amazingly found a fab house this weekend and made an offer and we're waiting to hear tomorrow if it's been accepted.

We've paid to reserve a mortgage product but, assuming our offer is accepted, we will now need to 'swop' the property details of house we thought we were buying at the time of the mortgage appointment to the one we are now buying.

Has anyone done this? Is it straightforward? Or do we have to go back to through the mortgage assessment process again?

New house is 30k cheaper and although a lot smaller garden is much nicer inside with less work required than the last one, so am desperately hoping this one works out ok!

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LittlePandaBear · 05/02/2012 17:57

A similar thing happened to us - the vendor pulled out on us after we'd had surveys etc, so frustrating! We found another house though which I'm much happier with (although it cost us a bit more...)

We'd applied for our mortgage through a broker and did have to reapply and pay new application fees, as the original mortgage we'd applied for is on the house, ie not only based on your income etc but on the valuation so it is more or less like starting again from scratch. If you go with the same lender then they should already have your details/proof of earnings etc so it may not take as long to get an offer.

Good luck, no doubt you'll be happy in your new house soon!

Jcee · 06/02/2012 21:25

Thanks for the reply! Our offer was accepted today - yay!

Had a quick chat with the bank this afternoon and am going in later this week to sort out the details but looks like they can just update our case with the new details. Lucky for us as we hadn't got very far with the last property, so they aren't going to charge us new application fees

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