Revised mortgage offer

LouLane1982

Hi.

Hope someone can advise me as having a bit of a stress out.

I got my mortgage offer from Halifax last month but since then the purchase price of the house I am buying has changed due to a number of circumstances (it is actually increasing). I do not wish to borrow the extra as I am able to increase my deposit in order to meet this change.

My solicitor had a letter from Halifax requesting the reason for the change in price and confirmation that the new price would be on the transfer deed. I forwarded a letter to them explaining the reasons. My solicitor asked me today to get in touch with my broker and see if he could get things moving with Halifax as he has not yet heard back from them and the seller wishes to exchange next week but the solicitor cannot without the revised mortgage offer.

So, my broker will talk to them tomorrow but I am now worried about it (I was a nightmare during the WHOLE application process up until offer and still panic they might change their minds at the last minute). What I was wondering is how they go about revising the offer? Will I need to undergo the credit checks, and everything else again? How long could it take? I got my original offer within two hours of valuation!

Like I said though, I am not asking to borrow any extra.

Any knowledge would be greatly appreciated.

Many thanks,

Lou.

LouLane1982

Still waiting to hear from broker.
Can anyone put my mind to rest please?x

d70cw6

sounds like you're stressing for stressings sake tbh. chill

kingstreet

Broker phones Halifax.

Halifax contacts surveyor to establish if valuation can be increased.

If not, Halifax comes back to broker.

If it can, valuation will be revised and system amended with new offer issued.

LouLane1982

Thanks for replies. I stress out about not having something to stress about.

Kingstreet, what if the valuation cannot be increased? Will they stop their offer even though I'm funding the extra?

kingstreet

I wouldn't have thought so, but it will take two or three days to get the surveyor response back and actioned.

amnblog

The only potential curve ball here is an increase in your deposit may mean that you need to evidence availability of funds for that increase - this depends on the figures involved and the information already requested by and supplied to the Lender.

LouLane1982

Thanks for all your replies.
Mortgage broker called and offer has been revised and re-offered on new purchase price terms. :j
Just hoping they get the paperwork to me and Solicitor quick now as hoping to exchange next week. :beer:
Thanks for all your support. This forum is invaluable to newbies like me. :T