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Amending mortgage after survey

scottie21
scottie21 Posts: 97 Forumite
10 Posts First Anniversary Name Dropper
in House buying, renting & selling
We have just re-negotiated the price of our purchase based on the survey findings, and need to amend our mortgage amount with NatWest. Does this take long? Is it complex? 

We are looking to complete by 30th September for the SDLT holiday deadline, but have been told our vendor is away for 3 weeks from 22nd September. He is happy to complete while away, he just needs to have everything signed by then.

Is this do-able? 
19/7: Sale property on market
24-25/7: 22 viewings on sale property
24/7: Viewed purchase, probate awaited, no chain
27/7: Offer accepted on sale (above asking price) FTBs
28/7: Asking price offer placed on purchase
29/7: Offer accepted on purchase
11/8: Mortgage appointment with natwest
12/8: Mortgage application submitted
13/8: Valuation done on sale
13/8: Valuation on purchase booked for 31/8
16/8: Sale valued at offer price 
18/8: Valuer for sale turned up early, valued at offer price
19/8: Mortgage offer received
26/8: Full structural survey done on sale property. Informed probate granted. 
3/9: Survey report received, some untoward findings
8/9: Second viewing, decision to reduce offer
10/9: Reduced offer submitted following building quote
11/9: Transfer form & contract signed for sale
13/9: Sale searches back
14/9: Reduced offer accepted
16/9: Mortgage appointment to amend application
17/9: All searches back on purchase
18/9: Contract & transfer form
signed on purchase
20/9: Amended mortgage offer received 
21/9: Mortgage redemption requested 
22/9: Draft completion statements received 
24/9: Exchanged contracts
30/9: Proposed completion 

Comments

  • Slithery
    Slithery Posts: 6,046 Forumite
    Eighth Anniversary 1,000 Posts Name Dropper Photogenic
    How much is the difference? If it's a grand or two it will be relatively quick, if it's £50k then a new application will probably be needed.
  • scottie21
    scottie21 Posts: 97 Forumite
    10 Posts First Anniversary Name Dropper
    Slithery said:
    How much is the difference? If it's a grand or two it will be relatively quick, if it's £50k then a new application will probably be needed.
    £6k so hopefully not too complicated? 
    19/7: Sale property on market
    24-25/7: 22 viewings on sale property
    24/7: Viewed purchase, probate awaited, no chain
    27/7: Offer accepted on sale (above asking price) FTBs
    28/7: Asking price offer placed on purchase
    29/7: Offer accepted on purchase
    11/8: Mortgage appointment with natwest
    12/8: Mortgage application submitted
    13/8: Valuation done on sale
    13/8: Valuation on purchase booked for 31/8
    16/8: Sale valued at offer price 
    18/8: Valuer for sale turned up early, valued at offer price
    19/8: Mortgage offer received
    26/8: Full structural survey done on sale property. Informed probate granted. 
    3/9: Survey report received, some untoward findings
    8/9: Second viewing, decision to reduce offer
    10/9: Reduced offer submitted following building quote
    11/9: Transfer form & contract signed for sale
    13/9: Sale searches back
    14/9: Reduced offer accepted
    16/9: Mortgage appointment to amend application
    17/9: All searches back on purchase
    18/9: Contract & transfer form
    signed on purchase
    20/9: Amended mortgage offer received 
    21/9: Mortgage redemption requested 
    22/9: Draft completion statements received 
    24/9: Exchanged contracts
    30/9: Proposed completion 
  • Irishpearce26
    Irishpearce26 Posts: 885 Forumite
    500 Posts Name Dropper
    scottie21 said:
    Slithery said:
    How much is the difference? If it's a grand or two it will be relatively quick, if it's £50k then a new application will probably be needed.
    £6k so hopefully not too complicated? 
    You will need a new offer, i doubt you will need to reapply but it can take up tp 14 days depending on how busy they are. I had to get a new offer for £3k reduction which took about 8 days from when i called my lender.
  • GoogleMeNow
    GoogleMeNow Posts: 364 Forumite
    Fourth Anniversary 100 Posts Name Dropper Photogenic
    Does it alter the loan to value?

  • scottie21
    scottie21 Posts: 97 Forumite
    10 Posts First Anniversary Name Dropper
    It does alter the LTV as we are keeping deposit the same. 
    Hopefully not 14days we want to complete 30/9
    19/7: Sale property on market
    24-25/7: 22 viewings on sale property
    24/7: Viewed purchase, probate awaited, no chain
    27/7: Offer accepted on sale (above asking price) FTBs
    28/7: Asking price offer placed on purchase
    29/7: Offer accepted on purchase
    11/8: Mortgage appointment with natwest
    12/8: Mortgage application submitted
    13/8: Valuation done on sale
    13/8: Valuation on purchase booked for 31/8
    16/8: Sale valued at offer price 
    18/8: Valuer for sale turned up early, valued at offer price
    19/8: Mortgage offer received
    26/8: Full structural survey done on sale property. Informed probate granted. 
    3/9: Survey report received, some untoward findings
    8/9: Second viewing, decision to reduce offer
    10/9: Reduced offer submitted following building quote
    11/9: Transfer form & contract signed for sale
    13/9: Sale searches back
    14/9: Reduced offer accepted
    16/9: Mortgage appointment to amend application
    17/9: All searches back on purchase
    18/9: Contract & transfer form
    signed on purchase
    20/9: Amended mortgage offer received 
    21/9: Mortgage redemption requested 
    22/9: Draft completion statements received 
    24/9: Exchanged contracts
    30/9: Proposed completion 
  • Crashy_Time
    Crashy_Time Posts: 13,386 Forumite
    10,000 Posts Seventh Anniversary Name Dropper
    scottie21 said:
    Slithery said:
    How much is the difference? If it's a grand or two it will be relatively quick, if it's £50k then a new application will probably be needed.
    £6k so hopefully not too complicated? 
    Not bad. 
  • Gavin83
    Gavin83 Posts: 8,757 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    scottie21 said:
    It does alter the LTV as we are keeping deposit the same. 
    Hopefully not 14days we want to complete 30/9
    It’s touch and go. If you’re adjusting your mortgage offer I think you need to take into account your completion date being later than September.
  • scottie21
    scottie21 Posts: 97 Forumite
    10 Posts First Anniversary Name Dropper
    Got the mortgage offer today!! 
    19/7: Sale property on market
    24-25/7: 22 viewings on sale property
    24/7: Viewed purchase, probate awaited, no chain
    27/7: Offer accepted on sale (above asking price) FTBs
    28/7: Asking price offer placed on purchase
    29/7: Offer accepted on purchase
    11/8: Mortgage appointment with natwest
    12/8: Mortgage application submitted
    13/8: Valuation done on sale
    13/8: Valuation on purchase booked for 31/8
    16/8: Sale valued at offer price 
    18/8: Valuer for sale turned up early, valued at offer price
    19/8: Mortgage offer received
    26/8: Full structural survey done on sale property. Informed probate granted. 
    3/9: Survey report received, some untoward findings
    8/9: Second viewing, decision to reduce offer
    10/9: Reduced offer submitted following building quote
    11/9: Transfer form & contract signed for sale
    13/9: Sale searches back
    14/9: Reduced offer accepted
    16/9: Mortgage appointment to amend application
    17/9: All searches back on purchase
    18/9: Contract & transfer form
    signed on purchase
    20/9: Amended mortgage offer received 
    21/9: Mortgage redemption requested 
    22/9: Draft completion statements received 
    24/9: Exchanged contracts
    30/9: Proposed completion 
  • TripleH
    TripleH Posts: 3,188 Forumite
    Sixth Anniversary 1,000 Posts Name Dropper
    Well done.
    I thought keeping your deposit the same but reducing your borrowing would mean a quicker turnaround as you're reducing the lender's exposure
    Fingers crossed it all goes through for you.
    May you find your sister soon Helli.
    Sleep well.
  • scottie21
    scottie21 Posts: 97 Forumite
    10 Posts First Anniversary Name Dropper
    TripleH said:
    Well done.
    I thought keeping your deposit the same but reducing your borrowing would mean a quicker turnaround as you're reducing the lender's exposure
    Fingers crossed it all goes through for you.

    We also reduced the term though to reflect the money we saved, so I was worried changing more might set us back. Thank god it’s done! 
    19/7: Sale property on market
    24-25/7: 22 viewings on sale property
    24/7: Viewed purchase, probate awaited, no chain
    27/7: Offer accepted on sale (above asking price) FTBs
    28/7: Asking price offer placed on purchase
    29/7: Offer accepted on purchase
    11/8: Mortgage appointment with natwest
    12/8: Mortgage application submitted
    13/8: Valuation done on sale
    13/8: Valuation on purchase booked for 31/8
    16/8: Sale valued at offer price 
    18/8: Valuer for sale turned up early, valued at offer price
    19/8: Mortgage offer received
    26/8: Full structural survey done on sale property. Informed probate granted. 
    3/9: Survey report received, some untoward findings
    8/9: Second viewing, decision to reduce offer
    10/9: Reduced offer submitted following building quote
    11/9: Transfer form & contract signed for sale
    13/9: Sale searches back
    14/9: Reduced offer accepted
    16/9: Mortgage appointment to amend application
    17/9: All searches back on purchase
    18/9: Contract & transfer form
    signed on purchase
    20/9: Amended mortgage offer received 
    21/9: Mortgage redemption requested 
    22/9: Draft completion statements received 
    24/9: Exchanged contracts
    30/9: Proposed completion 
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