Can I change the loan amount on a mortgage offer?

ernie100

I had an mortgage offer agreed today by Yorkshire Bank. When I applied for the mortgage I asked for £99500, based on a house for £105,000 , I was paying 5% deposit, like I said I was told today that the mortgage had been agreed and to go find a property to purchase.
With this news, my folks have given me some money which increases my deposit and I am now thinking of asking for a mortgage of £120,000 and me paying the 5% deposit of £6000 .

When I applied for the mortgage,the advisor at the bank said I could borrow 'much more' (I earn £40,000 have outgoings of £200 a month).

So is it as simple as phone call asking for the increase or is it a whole new application?????/

_Andy_

sounds like you've had a an approval in principle not a mortgage offer (as you haven't found a property yet).
That being the case the AIP still stands but this is always subject to underwriting.

ernie100

Ah right! so can I just ask for the increase? If so, or not, once I find a property, what else do the mortgage company do? Could it still be turned down?

ernie100

I intend to contact the bank tomorrow but after reading other threads Im confused!

As far as Im aware, I completed a full application whilst at the bank, it was then passed to the underwriters and a credit check was done (saw the entry via experian), is there more checks to be made? I have supplied wage slips, bank statements already.....

Trying_to_be_good

The lender needs to be happy about both your ability to pay the mortgage AND the property on which it's secured - so until they've checked out both, you won't get an offer.

_Andy_

Just to clarify - is there a property you've put an offer in on and had accepted?
If not there will be no offer

ernie100

No, no offer yet, that makes sense. the bank have asked me to pay the arrangment fee for the mortgage,im guessing I should wait till I have an offer?

_Andy_

You need to wait until you've made an offer on a property and had it accepted.