changing mortgage borrowing after approval

Muds1

Hi All

I am in a situation right now, i am very close to exchanging contract say 10 days..

I have mortgage approved for 80%ltv

I now think i should have gone for 85% ltv, i know its stupid but all my calculations have missed the mark a little.

I know am at fault but same time i dnt wanna be pennyless after the deal.

Can you please guide me what are the considerations to take care if i ask to change mortgage offer, how long does that take, what chances do I have ?

Any guidance around this will be highly regarded

Thanks
M.

kingstreet

We have no idea of your affordability, so can't speculate on whether this will be possible.

You'll have to pick a new product from the next LTV band.

Processing time varies from lender to lender.

I feel confident in suggesting the only way you will establish the answers to your questions is to ask your broker, or your lender.

Muds1

kingstreet wrote: »

We have no idea of your affordability, so can't speculate on whether this will be possible.

You'll have to pick a new product from the next LTV band.

Processing time varies from lender to lender.

I feel confident in suggesting the only way you will establish the answers to your questions is to ask your broker, or your lender.

Thanks for your reply.

When you say pick a new product, does that indicate the entire process will be repeated again and then is there a chance that i loose my current offer as well ?

kingstreet

A new offer will have to be issued, as the amount will be different and you will have picked a new (probably higher) rate from the options open to you in the 80% to 85% range.

If affordability was sufficient at the outset, there shouldn't be much of an issue and there is no re-application and new documentation shouldn't be required.

amnblog

Not the entire process but you may be short on credit score or affordability for the higher lending.


A request to go to 85% should not mean you lose your 80% option.


A 85% loan to value loan is likely to be priced at a higher rate than your current 80% offer.