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It’s a mortgage related question

Last post Wed, Aug 01 2007, 10:30 AM by shel. 1 replies.
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  •  Wed, Aug 01 2007, 10:30 AM

    Re: It’s a mortgage related question

    When you say approved mortgage do you mean a mortgage agreement in principle, or an actual offer? An agreement in pronicple is based only on what they are likely to lend YOU based on your circumstances, and isn't based on a specific property so moving to a diffewrent property purchase wouldn;t be an issue. An offer is based on a specific property and is not transferable, though it's easy enough to get the lender to change the address details and do a valuation on a new property - usually everything else will remain the same and there will be no problem with this.

    As for the broker, well if it's an offer then it's hard to cut the broker out, but it can be done by going direct to the lender and stipulating this, but you;d have to do it yourself then. If it's an AIP then there's no problem - simply go to another broker.

    HTH

    Shel

    • Post Points: 5
  •  Wed, Jul 11 2007, 4:30 PM

    It’s a mortgage related question

    I have approved mortgage from lender for £150K. But seller has now pulled back. Can I use this mortgage to purchase different property? This offer is valid for another 5 months.

    The reason seller pullback is actually mortgage broker, so do I have to stick with same mortgage broker in case I look for other properties on approved mortgage?

    Many thanks in advance
    • Post Points: 20