Change mortgage amount

moatanas

Hi Recently my lender has approved my mortgage application and i had offer in priciple.

However after successful negotiation. I have managed to knock off the purchase price by 5000 pounds, so now i will be borrowing less.

Today when i called the lender to change the mortgage amount. The decision as been referred to the underwriters. I dont know why is been referred as initially when i was borrowing more , my application was approved and now when i am borrowing less, my application is referred. nothing has changed in my circumstances since i made the last application.

Can anyone please advice as to what has happened.

Thanks

moatanas

Any advice please

Contemptuous

You have made a material change to your mortgage application. The Underwriters have taken the decision to review your file. That is all.

Thrugelmir

moatanas wrote: »

Today when i called the lender to change the mortgage amount. The decision as been referred to the underwriters. I dont know why is been referred as initially when i was borrowing more , my application was approved and now when i am borrowing less, my application is referred. nothing has changed in my circumstances since i made the last application.

The underwriting team are responsible for issuing mortgage offers. So any change to the offer will automatically be referred.