Changing amount of borrowing after offer letter received

Tabernacle

Ok, so we have our offer letter from the mortgage company but have since managed to renegotiate the price and now need to borrow less. I understand this has to go back to the underwriters to look at before another offer letter is then produced.

Is this merely a formality? As we're looking to borrow less, is there any reason why they might look at the application again and change their minds? There's no reason for them to do so as far as I'm concerned but I'm a born worrier...

Thanks

kingstreet

If there's a reduction in purchase price and mortgage amount it doesn't have to be re-underwritten. It's a simple change and issue of a revised offer.

Only changes of loan to value or mortgage amount would need scrutiny again.

Tabernacle

kingstreet wrote: »

If there's a reduction in purchase price and mortgage amount it doesn't have to be re-underwritten. It's a simple change and issue of a revised offer.

Only changes of loan to value or mortgage amount would need scrutiny again.

Thanks, was hoping it would be that straightforward.