can you reduce loan amount once an offer has been given?

bolshybadger

have been given a mortgage offer by HSBC based on 5.99% fee free mortgage. had house valued, and with existing loan amount and this survey result it comes in at just a touch over the 90% ltv. obviously with each month that this remortgage from northern rock takes the loan reduces. also if i found the cash to give to northern rock to reduce the loan this would reduce ltv for new loan.

can i reduce the loan amount of the offer so that it will fit in with the ltv?

thanks

_Andy_

Yes, give them a call

Margin_Walker

No real need to reduce the loan amount. They will only send the exact amount needed to redeem with your existing lender. For example if your offer documents state a loan amount of 100k and your redemption figure with your existing lender was 98k, thats all they would send and your monthly mortgage payments would be recalculated on that basis. With a remortgage the amount on the offer docs is effectively the upper amount that has been sanctioned