mortgage offer amendment

peppapig14

offer accepted on property and mortgage offer record with nationwide for 75%LTV
we want to reduce our offer due to the covid situation. we still want the amount of mortgage offer but keep back more of our deposit
Would our mortgage offer simply be amended ( i.e 70%LTV ) ? would we need to resubmit wage slips etc?

Thrugelmir

Hurry up. Discussions are under way as to what steps should be taken with regards to the mortgage market. 

Caz3121

your LTV would increase not decrease if the purchase price is lower and the mortgage amount stays the same, higher interest rate possibly....and a risk of no mortgage offer (some banks currently not offering anything for over 60% LTV)

peppapig14

Thrugelmir said:

Hurry up. Discussions are under way as to what steps should be taken with regards to the mortgage market. 

If Nationwide follow other banks and only offer new products with 40% deposit would that still apply even I was just having an amendment , or would it simply be an adjustment to the LTV on our mortgage offer

peppapig14

Caz3121 said:

your LTV would increase not decrease if the purchase price is lower and the mortgage amount stays the same, higher interest rate possibly....and a risk of no mortgage offer (some banks currently not offering anything for over 60% LTV)

are u saying the 40% rule would still apply even for an amendment to existing offer

[Deleted User]

peppapig14 said:

Caz3121 said:

your LTV would increase not decrease if the purchase price is lower and the mortgage amount stays the same, higher interest rate possibly....and a risk of no mortgage offer (some banks currently not offering anything for over 60% LTV)

are u saying the 40% rule would still apply even for an amendment to existing offer

If you are changing to a different ltv bracket then you would have to select a new product. If a new product is not available then you can't change your mortgage.

If the change keeps you in the same loan to value bracket then you *should* be ok

csgohan4

peppapig14 said:

offer accepted on property and mortgage offer record with nationwide for 75%LTV
we want to reduce our offer due to the covid situation. we still want the amount of mortgage offer but keep back more of our deposit
Would our mortgage offer simply be amended ( i.e 70%LTV ) ? would we need to resubmit wage slips etc?

On what basis are you reducing your offer? You risk the vendor pulling you offer or unable to get the mortgage product you want. Taking advantage of the current situation and gazunder is frowned upon