Decision in principle Vs Mortgage Offer

JessJord1994

Hi Everyone,

I hope all is well!

Me and my partner have made an offer on a house which has been accepted! We are putting down 20% deposit and our HSBC decision in principle is showing £29,500 more than we need to lend, although we also got a decision in principle from Halifax at £15,000 less than we need to lend. 

We are hoping that even if HSBC offer us less than what was in the Decision in Principle, it will still be what we need. How often is it that lenders offer the full amount you request? Or is it very common that you are always offered less than what’s shown in your DIP? 

If we did get an offer that was £15,000 short and we could put in another £5,000 to the deposit, would they consider putting the extra £10,000 into the mortgage?

I understand every case is different but was just wondering if anyone else had been or heard of a similar situation or had experience with either bank?

Thanks

tweet86

If I remember rightly the amount we were allowed to borrow ended up increasing. We didn’t know however until our previous buy fell through. This was with HSBC.We contacted them when we were buying our new house and found that the decision in principle for the old mortgage was higher than before the offer. 

[Deleted User]

Decision in principles would be pointless if they werent prepared to lend the amount stated.   

As long as the figures have been input correctly then the DIP should be accurate.