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Revising mortgage offer

sims22
sims22 Posts: 73 Forumite
in Mortgages & endowments
Hi all

We got a mortgage offer from Woolwich about a month ago but have been delayed in exchanging due to an onerous survey. We have obtained quotes for all the works are re-negotiating the price. We're hoping the vendor will at least meet us half way.

Does anyone have any experience of getting a new mortgage offer issued with a revised price? I'm hoping it would be straight forward as the price will be going down. Roughly how long should it take? Does the file go back to an underwriter?

Thanks

Comments

  • Mrs_Bumble
    Mrs_Bumble Posts: 1,028 Forumite
    It will go back to the underwriter but if it is a downward move and they weren't concerned about anything else I wouldn't worry too much. How long will depend on their workload at the time but ringing and hassling is always good!
    I am a Mortgage Adviser

    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • Jaybee5
    Jaybee5 Posts: 61 Forumite
    Hi there,

    We did exactly the same thing with Nationwide who sent out the revised mortgage offer within a week. No additional credit checks appear to have been done and was all quite straight forward.

    Hope that helps.
  • happybroker
    happybroker Posts: 1,301 Forumite
    Nationwide, in my experience, are much more efficient than Barclays just now though you shouldn't have any problems I would still badger the life out of them to try and save a little time.
    Happily an ex mortgage broker!
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