mortgage offer and want more money

naf123

If you get a mortgage offer and now want to increase the sum by say £20k, do you just call them up or do you have to start the process again?

kingstreet

Admin task. Product may have to change if another LTV band is pierced. Underwriting may have to be re-opened to re-establish affordability. Contact broker/lender for details.

naf123

So i need to have a new affordability assessment. Will my first mortgage offer still be protected and valid even if I fail the 2nd affordability assessment?

kingstreet

You need to establish your particular lender's process. The best we can do on here is generalise. You may be asked for updated pay slips and/or bank statements, or you may not. Your lender may work from previous affordability calculations or use the updated documents to do new ones. If you breach a LTV level with the increase you'll probably have to choose a new product. If something in your application make-up has changed and this comes to light as a result of the requested increase, no, your existing offer won't be "protected."

naf123

Thank you!