mortgage offer adjustment

peppapig14

we have our mortgage offer with Nationwide at 75%LTV and due to exchange contracts when lockdown lifted
If we ask for reduction to our offer (would like to try for 10k less, but keep to 75%LTV  )- would we need a complete new offer with providing new evidence. Or as the amount they are prepared to offer and our deposit eoiod both be 10k less would it be kept as it is?

davidmcn

The lender needs to know the price you're actually paying, and that's generally in the mortgage offer, so yes it will need amended. Not sure what "evidence" you're talking about, you shouldn't have to start from scratch in relation to your income etc.

StInWom

We are in the same case: just renegotiated the price of the house we're purchasing, and submitted an amendment to our mortgage application earlier this week via our broker (no new full application, we're sticking to the same product). Valuation was already done so that shouldn't be an issue, but our broker warned us that credit score requirements might have changed since our initial application was approved. With the current situation anyway, the banks are quite busy at the moment and we're not sure when we'll hear back, but we were ready to pull out of the sale anyway if we couldn't get the reduced price.

creditmanessex

Wonder how true this is or are brokers just saying that?