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Revised Offer - anyone with ideas ?
9ice
Posts: 26 Forumite
Hello everyone I need assistance withinformation regarding revised offer process please.
I have a loan offer from Natwest for aproperty which the vendor pulled out at the last minute for reasons best known to him.
NatWest has said that’s no problem and Ican transfer the offer to a new property ( subject to valuation) as long as it’s still within the 3 months timescale.
With house prices rising everyday, I foreseea situation where I might need additional £13k to my current offer for something reasonable,If I asked Natwest for a revised offer based on this does anyone have an ideaif I will have to be credit checked/risk assessed again. I called the mortgagecentre and they said since its just an additional 13k that shouldn’t be anissue but honestly I don’t trust these call centre agents.
Thanks all for any assistance
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Comments
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They would normally re-assess affordability for an increase in the mortgage amount, but only the lender can tell you the extent of the underwriting requirements.I am a mortgage broker. 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. Please do not send PMs asking for one-to-one-advice, or representation.0
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Thanks Kingstreet - In your opinion then do you think the response from the mortgage centre is on spot ? I know they are not underwriters anyway0
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What they need to do for an extra £13,000 depends on what the file looks like now. If you were already borderline they will need to take a good look at it. If you were well clear they may just sign it off.
Presumably you have a concern with being rechecked?I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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 -
@ Amnblog... Yes am concern with being rechecked .0
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Echoing above, if your original amount was low for your income, then the extra £13K could be added on just by going through an affordability check: I bank with First Direct and with them this is just a conversation. I don't know if they would need to search your credit file again though, presumably this was done recently for the original mortgage?
I would not trust call centre staff anyway, but if it is a member if the mortgage team who said that it should be ok, then this should indeed be the case. You can ask them whether they will do a credit search again, I believe that they can't do this without your consent anyway, but I may be mistaken0
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