Remortgage redeption question

Phil3822

No worries, are lenders tolerant of people changing figures after the offer has been made? Is this a big deal or normal and fine? I take it if they accept they re issue the offer, paperwork and inform legal team etc and I get all new papers with the new offer on? Do they normally want to re submit the whole deal, ID, checks, etc? Thanks for your help.

betmunch

Usually they are tolerant if you have proven you have the income to borrow more than you requested in the first instance, and it doesnt affect LTV.

However, the Woolwich has an annoying fund booking system so you have specifically booked the amount you requested.

However (Another however????) Some lenders will have the facility to vary the loan slightly to account for thinks like this, and I have a feeling Woolwich is one of them. Dont hold me to this as I am not in the office and have no access to a recent Woolwich offer.

Phil3822

Thanks again, if you get chance to check I would be interested in knowing. I will see if they can do it, if not I will pay the grand. I don't want them to get all fussy and awkward and tell me I cant have anything though!!

Thrugelmir

Phil3822 wrote: »

My mistake, I looked at my credit file and saw the outstanding mortgage amount which I thought was right.

Mortgage interest is charged in arrears. So as you found out from your completion statement. The actual balance is higher. Along with the fact that there will be a redemption fee on your old mortgage.

Phil3822

Thanks Thrugelmir, I think I pretty much understand it now. On the date I make my monthly payment I owe no interest as such but then as each day passes the 13.82 is what I owe in interest or something along those lines until the next monthly payment. Broker should be contacing Woolwich today for the extra grand so with any luck should be ok. I appreciate the responses here as I am a little slow with these things.