Mortgage application question
Discussion
My daughter has a mortgage facility in place until December this year. The house they were buying fell through.
They have found another house, but need a small amount more on the mortgage with the same lender. They have been told they will need to re-apply (with fees in full of course). We are talking about £6-7k more on the advance, a very small percentage.
Their credit rating has gone down according to Experian since before the applied for a mortgage, and they have not taken any other credit. Approval was tight last time, and they had to show evidence of savings etc to get an offer. With this credit rating drop, it may be refused I guess, unless the society spots it was their previous application that influenced it.
Scene set, Now to the question. As mentioned, they have an offer open till December. If the new application fails, does anyone know if the current offer will be removed? Or if it will need to be removed to re apply for a greater advance?
I have of course told her to ask this of her lender, but just trying to get a feel for a broader experience with popular mortgage lenders.
They have found another house, but need a small amount more on the mortgage with the same lender. They have been told they will need to re-apply (with fees in full of course). We are talking about £6-7k more on the advance, a very small percentage.
Their credit rating has gone down according to Experian since before the applied for a mortgage, and they have not taken any other credit. Approval was tight last time, and they had to show evidence of savings etc to get an offer. With this credit rating drop, it may be refused I guess, unless the society spots it was their previous application that influenced it.
Scene set, Now to the question. As mentioned, they have an offer open till December. If the new application fails, does anyone know if the current offer will be removed? Or if it will need to be removed to re apply for a greater advance?
I have of course told her to ask this of her lender, but just trying to get a feel for a broader experience with popular mortgage lenders.
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