Have mortgage offer - need to borrow a bit more

sequin123

Hi

We have our mortgage offer and the conveyencing is happening and valuation is booked in for Friday. However I have miscalculated slightly, we had planned to put down and 80k deposit but I have shortfalled on moving fees so only want to put down 75k and borrow another 5k, will it be an issue to ask for another 5k, will it delay things massively as our chain is hoping to complete at the end of June.


Thanks

Cannon_Fodder

"Will it be an issue" ? Yes. Or maybe, No.

Yes = if you are at the limit of affordability, or on the edge of an LTV cut-off beyond which the Lender won't lend or which makes it too expensive for you, or if your Lender is the slow end of the industry, or if the extra borrowing spooks the valuer/lender into deciding to under-value and you have to renogotiate the whole chain...

No = the opposite of all the above.

sequin123

Thanks Cannon

We are within LTV, not sure around affordability - I guess they will know whether we are close to the edge on that ?

To date the lender has been very efficient, turned around quickly. Its the bit about spooking the lender I worry about, I am a dumbo and didnt factor in spare cash flow for extra/unexpected costs so put all our of savings into the deposit when I should have left some aside and borrowed more. Is that going to be a reasonable reason to ask for the extra money?

I also have a feeling (hopefully I could be wrong) the surveyor came round and mentioned a couple of things that he would have to highlight to the people buying our house that the could come back and ask us to contribute to works.....

Thanks again for helping me with your opinions

Cool_man

thumps up for your article, great post...

sequin123

Coolman - did you mean to reply to me ???

getmore4less

Could you grab a 0% spends CC to manage the cash flow?

_Andy_

sequin123 wrote: »

Coolman - did you mean to reply to me ???

They're spamming, ignore them