Do you have to change your mortgage? Or can you get cash in hand?

sophi123

We are in the process of negotiating a bit of money off our current offer on a house to cover some things that came up during the survey.

Do we have to renegotiate our mortgage to cover the extra £1k or can we just get the cash in hand from the vendor (providing they have the upfront cash to give us?)

Thanks

S x

Landofwood

If the vendor gives you the money, I believe technically this would qualify as a 'vendor gifted deposit'. You'll need to declare this to your lender, and they may or my not accept vendor gifted deposits.

davidmcn

Probably overcomplicating it to start thinking about cashback - you're really just reducing the price, aren't you? So tell your lender the new price.

anselld

If it is money off the offer price it is just a price reduction, not a gifted deposit. None-the-less it would need to be declared to the Solicitors and Mortgage Co.

sophi123

How long does it take for the bank/solicitors to change the offer/contract etc? We are being pushed to exchange and complete in next couple of weeks and don't want to hold up the whole process just because everyone has to redo their mortgage values for £1k!

Also the money up front would be helpful, but sounds like not really possible/too complex1