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can you alter a mortage offer?
Soapn
Posts: 1,521 Forumite
long story short.
Our house for sale, 75% the way through the sale, valuation done, funds in place etc
We weren't able to find something we both want to buy.
We have a mortgage offer for 85% of the 1st house we offered on (but had to pull out of due to damp) which is valid until July.
Mortgage advisor advised us NOT to change mortgage amount as criteria for all loans have tightened up in last few weeks. There is the option of going for a completely new mortgage obviously, but we are worried about not getting it(no financial circumstances have changed)
We now have seen something else, which costs more,and the LTV is 79% of that mortgage amount compared to the purchase price.
So, the question is, can we use that mortgage, and pay the same deposit and "top up" the deposit using the money we will be getting from our sale, and savings of around £2000?
We
Our house for sale, 75% the way through the sale, valuation done, funds in place etc
We weren't able to find something we both want to buy.
We have a mortgage offer for 85% of the 1st house we offered on (but had to pull out of due to damp) which is valid until July.
Mortgage advisor advised us NOT to change mortgage amount as criteria for all loans have tightened up in last few weeks. There is the option of going for a completely new mortgage obviously, but we are worried about not getting it(no financial circumstances have changed)
We now have seen something else, which costs more,and the LTV is 79% of that mortgage amount compared to the purchase price.
So, the question is, can we use that mortgage, and pay the same deposit and "top up" the deposit using the money we will be getting from our sale, and savings of around £2000?
We
When your life is a mess, stop and think what you are doing before bringing more kids into it, it's not fair on them.
GLAD NOT TO BE A MEMBER OF THE "ENTITLED TO " UNDER CLASS
GLAD NOT TO BE A MEMBER OF THE "ENTITLED TO " UNDER CLASS
0
Comments
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Yes you can put more money in.Estate Agent, Web Designer & All Round Geek!0
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From your post it just a case of changong the loan and deposit figures and paying for a new valuation on the new house. Happens all the time. Excellent advice from your guy about not restarting a new application.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.0 -
From your post it just a case of changong the loan and deposit figures and paying for a new valuation on the new house. Happens all the time. Excellent advice from your guy about not restarting a new application.
and that won't be classed as a new application?When your life is a mess, stop and think what you are doing before bringing more kids into it, it's not fair on them.
GLAD NOT TO BE A MEMBER OF THE "ENTITLED TO " UNDER CLASS0 -
and that won't be classed as a new application?
Nope, an amendment to your existing application.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.0 -
how have they tightened the stipulations up, and why?When your life is a mess, stop and think what you are doing before bringing more kids into it, it's not fair on them.
GLAD NOT TO BE A MEMBER OF THE "ENTITLED TO " UNDER CLASS0 -
We needed to add 5k onto our mortgage offer but it would have meant changing product and an increase in fixed rates etc etc so we stuck with the original one and used our savings instead so it's entirally possible0
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