Purchase price changing after mortgage has been offered?

R&C

We're buying our house for £200k. We got a mortgage offer through for £178k which is 89% LTV. We have finally had some quotes from a builder for some work that was brought up on the survey and we may go back to the vendor to reduce the price by about 2k.

My question is, will Nationwide still lend us the full £178k or would they want to stick to the LTV, meaning that the the 2k reduction will come off our mortgage, rather than our deposit?

The whole point is that we'll have cash to do the repairs, so we're obviously hoping they'll still lend us the £178k but have a feeling it'll more than likely be the LTV they'll want to stick with.

Anybody in the know?

Thanks

opinions4u

90% of £198k is £178,200.

I think you'll be okay and still have a £178k mortgage.

But a phone call to your Mortgage Adviser would probably be a good idea.

R&C

My mortgage advisor has been getting back to me since wednesday :rolleyes: she didn't know the answer so had to check. Thanks though, I'll chase her up again.