What would happen in this case?
House 1 was liked, an offer was made, and accepted
Mortgage application has been made (through a broker), it has been 1 week.
but now like another property, House 2
and as nothing has been signed (verbal offer) can we pull out of house 1, and make an offer on house 2, (and if it is accepted) use the 'same' mortgage application on that property?
There is a £12,000 difference in the price of the House 2, which has a higher value of £12k.
I know offer 2 might not be accepted etc, but am just asking in concern of the mortgage application, can it be adjusted, for an extra £12,000? or it is 'bound' to house 1?
or the application is not bound to any house, but is just at the first stages on an application?
But it is a case of sorting it out ealier than later?
What is the danger of letting the mortgage application progress for 1-2 weeks?
Or do we have to say yes, and can decline, or adjust it to house 2?
House 1 was liked, an offer was made, and accepted
Mortgage application has been made (through a broker), it has been 1 week.
but now like another property, House 2
and as nothing has been signed (verbal offer) can we pull out of house 1, and make an offer on house 2, (and if it is accepted) use the 'same' mortgage application on that property?
There is a £12,000 difference in the price of the House 2, which has a higher value of £12k.
I know offer 2 might not be accepted etc, but am just asking in concern of the mortgage application, can it be adjusted, for an extra £12,000? or it is 'bound' to house 1?
or the application is not bound to any house, but is just at the first stages on an application?
But it is a case of sorting it out ealier than later?
What is the danger of letting the mortgage application progress for 1-2 weeks?
Or do we have to say yes, and can decline, or adjust it to house 2?