How Flexible is a mortgage once set up??

3smees23_2

Hi there,

I'm a FTB and had an offer accepted on a house today. To get things moving Ithink I may apply for my mortgage on Saturday (as I'm away the 3 weekends afterthat).

My dilemma is that I wanted to convert the garage into living space, but Ihave not got any quotes for this yet. If for example, I applied for a £150k mortgage on Saturday and subsequently received quotes that were less than I budgeted forthe building work. Can I easily change this to £140k? My instinct is saying nobut thought I might as well ask the question

Thanks

Sam

Goldiegirl

If the mortgage is still at application stage, all you'd need to do is to tell them you want to apply for a lower amount and they'd amend the amount of the mortgage required.

Also it might mean that you could have a better interest rate if the LTV figure was lower.

I'm no expert, but I expect you've thought about getting any necessary planning permissions etc for the work you intend to do

3smees23_2

Thanks for the reply!!

How long is a mortgage in the application phase? Just before they agree it?

I have looked into it briefly on the council's website (but it was pretty wishy washy). I will give them a quick call tomorrow just to get confirmation on whether it's required or not.

Goldiegirl

Each application is individual - it's impossible to say how long an application would take to be approved.

Anywhere from minutes to months!

Depends on the lender and the applicant and the property.

3smees23_2

so it's just the amount of time the bank takes to approve it....and once it is then it's not an application anymore?

Thanks