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Increasing my deposit amount after mortgage application
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Jayjayokocha
Posts: 13 Forumite
Hello all
Tried searching for an answer to this here and online but no luck. What I want to know is that once you have your mortgage application approved, is the amount the bank will lend you in the mortgage offer the amount you have to take when funds are transferred on completion?
For example I have £50k deposit and bank has agreed to lend me £150k. BUT now I have another £20k gifted to me making my deposit £70k. Do I need to still take the whole £150k mortgage or can I advise my solicitor that I have a larger deposit and only to request the required amount?
Thanks
Tried searching for an answer to this here and online but no luck. What I want to know is that once you have your mortgage application approved, is the amount the bank will lend you in the mortgage offer the amount you have to take when funds are transferred on completion?
For example I have £50k deposit and bank has agreed to lend me £150k. BUT now I have another £20k gifted to me making my deposit £70k. Do I need to still take the whole £150k mortgage or can I advise my solicitor that I have a larger deposit and only to request the required amount?
Thanks
0
Comments
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You can advise and put down a larger deposit borrowing less.
Be advised that your Lender will need paperwork to prove the source and basis of the gift.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
May be better just applying a 10% overpayment once completed...0
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middleclassbutpoor wrote: »May be better just applying a 10% overpayment once completed...
Not if you could get a better rate with the improved LTV.0
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