Revised mortgage offer

Ejel

Has anyone had to revise a mortgage offer before to request a higher loan amount? We need to borrow an extra £16k and was wondering if this is possible? If so how long does it usually take? 

Initially we were accepted at 75% LTV but want to go to 85% LTV instead. They also mistook car insurance for a loan so it has upped our disposable income by £8k. When we started the application I had a missed payment from 5 months prior but as time has gone on it’s now 9 months since the missed payment so I’m hoping that will also help. I’m praying this will be possible or we could lose our dream home 😞

Caz3121

what LTV were you accepted at and what LTV will the extra £16k put you into?

Ejel

Caz3121 said:

what LTV were you accepted at and what LTV will the extra £16k put you into?

Accepted at 75% LTV and the 16k will take us to 85% LTV I think? Not to mention they mistook a car insurance payment for a loan so our disposable income has increased by 8k also? 

Ejel

Bumppppppp

amnblog

There is no guarantee you will be accepted at a higher loan to value but you can try.

Ejel

amnblog said:

There is no guarantee you will be accepted at a higher loan to value but you can try.

Thank you. Do you know what the process would be and how long it takes? Our Broker is very vague about it all. 

kingstreet

We need to know the lender. Every one has a different process.

Ejel

kingstreet said:

We need to know the lender. Every one has a different process.

Sorry. It’s pepper money 

kingstreet

We haven't done a case with Pepper since last month, but they appear to be pretty up-to-date on their service tracker so that side looks okay. As to the detail, 85% might be available subject to the product group you fall into credit-wise and assuming you meet affordability.

Ejel

kingstreet said:

We haven't done a case with Pepper since last month, but they appear to be pretty up-to-date on their service tracker so that side looks okay. As to the detail, 85% might be available subject to the product group you fall into credit-wise and assuming you meet affordability.

We are on a debt management plan but have been for the last 6 years and no defaults in that time period. My husband has a satisfied ccj from almost 6 years ago but apart from that we have sorted our finances and credit out since. I did actually have a small missed payment of £7 on a catalogue which I pay manually (not that it matters) totallly accidental I just forgot one month as it was a tough month with personal problems going on (we have sent a letter of explanation in stating this) which was only 5 months when we initially applied but since then it is now almost a year since so I’m hoping 85% will be possible on the basis that the missed payment is now almost at a year