Increase mortgage offer - how long for a decision?

pejoli

Hi all,

Exchange on our house purchase is inching closer, and we could now be a week or two from exchanging. However, some renegotiations with our buyer (and a drop in price agreed on the house we're selling ) means my finances are getting really tight. So, at the eleventh hour, I'm thinking of going back to the mortgage provider (HSBC) to ask for a mortgage increase. the mortgage process is all completed, and solicitor is now doing their bit (my solicitor is doing the mortgage work too)

I'm absolutely confident we'd get the increase agreed (low LTV and salary multiple), and contrary to some, I found HSBC really good and responsive (their mortgage advisors record for replying to my emails was three minutes!)... So, my question is, how long would it take to go back through the approval process, start to finish? And would this occur further costs to me eg in solicitors fees ?

pejoli

anyone got any input on this one - assume *someone* must have had to do this - what was your experience ?


Any input much appreciated!

ACG

Ask HSBC?
They will give you an upto date answer on their service standards.

pejoli

So I spoke to HSBC today - they checked, and told me I could no longer change it ! (I've paid the fee, so all done as far as they're concerned, even though we haven't even exchanged yet). Bit annoying as I was only after a 5% increase on the offer I had.


The only option they could suggest was taking out a separate mortgage - which of course would incur another fee if I wanted the best rates. Their only consolation was that they could use most of the application details I'd already provided, so I wouldn't have to go through the whole 2-3 hour interview again.


Most frustrating part is I've got the 1.99% lifetime tracker which has no penalties for overpayments or early redemptions - so I could have asked for more in the first place, and just paid back any excess immediately if not required - doh!. Guess you live and learn.