Revising mortgage offer

sims22

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

Mrs_Bumble

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!

Jaybee5

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

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.