Increase loan amount

Tamin_miah

Hi all, 
We have got the mortgage offer few months back and was about to exchange. But now the seller wants more money for the house (only 3k more) long story! 

So my question is: if I want to increase my loan amount by 3k do I have to go through all the process again? 

Thanks 

Tamin_miah

@k_S thanks for your reply,  it’s a buy to let mortgage with the mortgage works. 75 LTV, No minimum income required. Do they look into everything again just for 3k adjustment? Thanks 

K_S

@tamin_miah

- what's the purchase price agreed and the new purchase price

- how much deposit do you have, what is the loan size on the offer

Tamin_miah

Basically what happen original price was £241k We negotiated to £237,750. Original mortgage offer was 241k and we adjusted that too 237,750 and now we want to go back to 241k 

we going back and forth with the price just want to know will that be a problem? Hope that makes sense?

K_S

Tamin_miah said:

Basically what happen original price was £241k We negotiated to £237,750. Original mortgage offer was 241k and we adjusted that too 237,750 and now we want to go back to 241k 
we going back and forth with the price just want to know will that be a problem? Hope that makes sense?

@tamin_miah If TMW originally offered at a purchase price of 241k, that means their valuation returned at least that amount. So that part is fine.

If you've already agreed a lower price once and amended the offer once, not sure what happens if you now want to up the price, I can't recall ever having amended an offer upwards. Good luck!