Reducing LTV after mortgage offer?

Phone-a-Friend

I started the process of purchasing a house and applied for a 75% LTV with Santander. Later, I received a good offer on my current residence so I am now attempting to line up the sale of my current residence with the purchase of the new house. Through the sale, I will release a modest amount of cash that could be used towards an increased deposit for my purchase, lowering the LTV to under 60%.

As Santander has two different interest rates for 60 and 75 LTV borrowing, can anyone advise how I should proceed in this situation? Will changing the borrowing at this stage result in a completely new application and credit checks etc? Also, any idea how long it might take Santander to reissue a revised mortgage offer?

My mortgage broker doesn't seem confident in advising us how I can achieve this without starting the entire thing from scratch - which will both take a long time and might adversely impact my credit history if a second hard credit search is required/ by not accepting the first mortgage offer.

kingstreet

Broker sends broker message via Case Tracking asking for reduction and for new product.

Admin job. Takes a few days.

Phone-a-Friend

kingstreet said:

Broker sends broker message via Case Tracking asking for reduction and for new product.

Admin job. Takes a few days.

Thanks for the prompt response.
I am inclined to wait until the exchange of contracts on the sale, so I can be sure of the monies from the sale being committed lest I might lose the new house if the buyer of my house pulls out.
Would you see any issues with that strategy? Any advice on how much time I should leave between exchange and completion for the revised mortgage offer to be completed?

Thrugelmir

Phone-a-Friend said:

kingstreet said:

Broker sends broker message via Case Tracking asking for reduction and for new product.

Admin job. Takes a few days.

Thanks for the prompt response.
I am inclined to wait until the exchange of contracts on the sale, so I can be sure of the monies from the sale being committed lest I might lose the new house if the buyer of my house pulls out.
Would you see any issues with that strategy? Any advice on how much time I should leave between exchange and completion for the revised mortgage offer to be completed?

Completion is with agreement of the other parties in the chain.  Be unwise to leave it until the 23rd hour.