House purchase collapsed - move final mortgage offer to another property?

[NCHouseBuy]

My onward purchase is about to collapse. I really need to buy quite urgently, how long would it take to move a final mortgage offer over to another property, assuming a desk valuation? What's the wait on banks' desk valuations at the moment?

I was so close to exchange. 😭

Oh no - what happened? there’s no guarantee a bank will agree a desktop valuation. You most likely will just need to start again unfortunately. Did you use a broker? If so, let them know and you should be able to use all the data & evidence already submitted against a new property. But it’ll be a new application & banks are continuing to carry out proper valuations in many cases..

You are basically starting again.

The mortgage offer itself probably won't be the issue, but the searches etc etc etc and any chain your new purchase is in is likely to be the hold up.

I had to pull out of my purchase and buy another one and it took over 5 months from my new offer. Luckily I was a FTB.

Mortgage probably the least of your concerns

I have 15% deposit - think that's why the bank did desktop valuation - it'll be me wiped out by a property slump, not them. 😉 I'll be buying no onward chain to speed it along. My own buyer's ready to go and my solicitor can get the searches done in around 3 weeks - it's just the mortgage which was a (big) concern! I'll have to find a surveyor with a cancellation slot.

So does this mean my own mortgage offer holds at that level of lending - and the bank just needs to redo the property side? That would be such good news...

And my buyer is FTB with final approved mortgage, so it would be a complete chain of 2 houses.

If your circumstances haven’t changed then the bank should still be prepared to lend you the same amount but they will still need to value any new house, as their investment is secured on the house. This could take a bit of time- each bank will have its own criteria on when they’ll do desktop valuation. I think in your position I would keep your buyer, sell and then rent for a few months- there is not a massive amount on the market, prices seem likely to settle down a bit and you don’t want to buy something quickly and then regret it.