Mortgage offer in place, buying different house.

[QueenOfPain]

Hi all,

In the process of purchasing a house. Initially seemed to need a minimal manageable amount of work. We were told there was a newish boiler and it had been rewired. Property had been tenanted, so purchasing from a landlord.

However one survey, a structural engineer and the pack of paperwork sent through from his solicitor later (containing last gas inspection and electricity inspection certificates) we see there are lots of faults that this house has and it’s turning into a far, far bigger project than we’d anticipated.

With our finances and having no huge lump of cash to spend on it immediately we’d be looking at a ten year project for us.

The next ten years are also likely to be the years we have babies, maternity leave and nursery fees to contend with. It’s started to seem like a less and less feasible option for us to take on this big project house.

This week, I went back to Rightmove and on Thursday evening the most beautiful house came on, £25k cheaper than the one we’re buying, absolutely everything done to an amazingly high standard. Went to see it last night and both fell in love.

We’ve made an offer this morning, with a view to pulling out of the other purchase. EA said it’s a good offer, and she’ll get back to me.

Since I already have a mortgage offer in place, is it a difficult process to go back to the lender and ask them to fund the purchase of a different property? Do you get credit checked again? Will I need to provide a load more paperwork?

Will be a new application

I don't think you will need to be credit checked again, but you might need to do another application. Plus they might lend you less if the house is £25k less, depending on the deposit size

Lending less is fine. We had 15% deposit for the other house, so we can more than cover the 15% on the cheaper house.

When I did this last year I just had to fill in a property transfer form. I think that's what it was called. It was no hassle.

Hopefully it’s a simple as a transfer form. I feel really terrible and anxious today like I’m going to have regrets about not buying the opposite house, whatever outcome we go with.