Advice on changing house after puting deposit down

davej2801 · Joined: 22 Jul 2006 Posts: 1

Hi, Im new so hello to everyone :)

After some advice please, i apologise in advance if i have posted in the wrong section.

Right.... Ive just put a deposit on a house which is part of a new built on an estate of 40 , the house i put the deposit on hasnt been built yet, our mortgage advior has got our mortgage (£225,000) ready just waiting for paper work now. However my situation has changed and i no longer need the 4 bed big house, i rather a smaller 3 bed property(£149,950) on the same estate which hasnt been built yet either - btw they are all being built by
the same contractor.

Im new to all this, is there going to be a problem with me wanting to buy the smaller house ? will i loose my deposit, will i still be ok with the mortgage, i havent been able to speak to anyone yet with it being the weekend, but i really want this house!!

I'd be gratefull for any advice.

Thanks

Dave :)

chow · Posted: Sat Jul 22, 2006 10:28 pm Post subject:

If it's a new area, I think they will work with you. You're on the east side of the BIG pond? We are pretty flexable here. Nothing is carved in stone until the closing table. (in most cases)

I know a SciFi writer from you side of the pond. :wink:

Haplo · Joined: 20 Jan 2005 Posts: 2422 Location: Springfield, IL

The bottom line is to ask ;) We might do things a bit differently over here than you do over there, so I wouldn't be surprised if there are different regulations regarding this. The bottom line however is that you're purchasing something someone else owns. It's up to you to ask them if they mind switching it. Mortgage company shouldn't have a problem with it, although if you've identified the specific property you may have to write a new loan and cancel the old one.