Can my mortage offer be changed in terms of money?

Soapn

this is a post I've put on the house buying thread, but I thought it might get more attention here......my broker is on holiday today and as you can imagine, I'm freaking out a bit!
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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?
House price-£80000
mortage offer-£62500
profit from house sale-£16000
savings £1500


Also, we have seen one that costs less than the original one we were going for.
This one is
House price-£70000
mortage offer £62500

the 2nd one would affect the LTR or is it LTV?:rotfl:

Conrad

Soapn wrote: »

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


Also, we have seen one that costs less than the original one we were going for.
This one is
House price-£70000
mortage offer £62500

the 2nd one would affect the LTR or is it LTV?:rotfl:

The first case is theoretically ok.
The second case is more risk prone as the LTV is higher.

A change in details tends to trigger a new credit score being carried out. Lenders regularly tweak the detail of thier scoring systems.
So for example an alternative property being proposed may be in an area where the lender has experienced higher repossessions, or of a type that statistically is more prone to repossesion, such as ex - local authority homes.

It's likely you'll be fine, your broker is being rightly cautious is all. Good brokers are always cautious. Overly positive types tend to fail on not be that sucessful (quite a number of regularly 'oh so positive' brokers on this site all went out of business around 2007 - 'mortgage Mummy' for example because she had an unrealistic approach that was found wanting in tougher times).

Soapn

Do you think if we had to go for the 2nd scenario we may as well just apply for a new mortgage? It's with Santander, and nothing financial, or anything else really, has changed.

We've already had 2 free vals done, so we'd be paying for the next one if we keep the same mortgage offer.