MPowered can allow a change to the property on your mortgage application even after your offer has been issued
We can allow a change to the property on your mortgage application even after your offer has been issued, but there are some rules depending on how much time is left before your offer expires.
An offer is good for 6 months from the date your mortgage was first applied for, not from the date you want to change the property.
If more than 12 weeks are left before an offer ends:
- You can change the offer to the new property.
- The loan amount must remain the same. It cannot be increased if the product you initially applied for has been discontinued.
- We'll require a new property valuation.
- We'll have to underwrite the new property and during this review, we may decline your application because the property falls out of our criteria or because of other criteria related to the property, such as our different maximum loan requirements for flats or new builds etc.
- A new valuation will incur a fee to the customer, check the fees here.
If less than 12 weeks are left before the offer ends:
- You will need to submit a completely new mortgage application.
- Your previous product may no longer be available, and you'll have to choose a new product from our current range.
If you're considering changing properties, make sure to understand any extra conditions and fees involved.