Renegotiating agreed price - mortgage risk?

DDS958

We're in the middle of a house purchase, and have a mortgage offer on a 95% LTV deal with Halifax prior to those rates being removed.

We are now considering revising our offer, as several properties in our area are reappearing on rightmove having been SSTC, and others being reduced in price. We think we'd be confident gaining a 3-5% reduction which will be a big help.

Is there a risk that going back to the lender with a lower price would mean a full review of the application? Could they pull the offer entirely? They are now only accepting people with a minimum of 15% deposit which we simply cannot afford.

Thanks!

Thrugelmir

Are you confident that your vendor will be open to negotiation? You risk collapsing the entire chain. 

How keen are you on the property? 

blue_max_3

Are you selling too? 

bell

It's a dangerous move. Your vendor may just refuse to sell to you. If you lose the property and collapse the chain, you may find you struggle to sell in upcoming recession. 

There us defintely a risk to getting a mortgage if you revise the offer down. Some lenders my withdraw the product and make you reapply, whereas others may just underwrite again.

Risky to save a small amount of deposit and/or SDLT, and a few quid a month on the mortgage. 

Unicorn_cottage

How much is the 3-5%?