New Mortgage Offer

Rabbit4000

Hey, we were in the process of buying a property. In short lost it due to chain collapse and now are buying something else. We have a mortgage offer on what we were buying till June & now our broker has requested the address change is hoping they come back with the same loan offer amount. 

We thought they would of offered the same loan amount straight away, but they are requesting new documents etc which is causing concern. Anyone had this before? & As our income declared is the same should we get the same loan amount again?

Many thanks for your help in advance

amnblog

If the data originally supplied is now out of date the Lender will ask for a refresh, standard procedure.

Rabbit4000

amnblog said:

If the data originally supplied is now out of date the Lender will ask for a refresh, standard procedure.

Thanks. Is it normal procedure for them to be vague if they will offer the same loan amount? We also got told as the property price is higher they may offer a lower loan amount?

kingstreet

If the lender considers the credit search, original bank statements and evidence of income are now "stale" they will request and up to date search and documentation. This is completely normal.

I'd expect them to simply tell you until they have the evidence in front of them they are unable to confirm what they will lend. I'd expect your broker to have established your circumstances are unchanged and re-calculated affordability before involving the lender again. Hoping for the same amount isn't how the job is supposed to be done!

Rabbit4000

kingstreet said:

If the lender considers the credit search, original bank statements and evidence of income are now "stale" they will request and up to date search and documentation. This is completely normal.

I'd expect them to simply tell you until they have the evidence in front of them they are unable to confirm what they will lend. I'd expect your broker to have established your circumstances are unchanged and re-calculated affordability before involving the lender again. Hoping for the same amount isn't how the job is supposed to be done!

Thanks for your reply. Makes sense why they are requesting fresh documents then. 

Yes they did all that, but the overhang of waiting for them to confirm what we can borrow isn't a great wait!

kingstreet

Rabbit4000 said:

kingstreet said:

If the lender considers the credit search, original bank statements and evidence of income are now "stale" they will request and up to date search and documentation. This is completely normal.

I'd expect them to simply tell you until they have the evidence in front of them they are unable to confirm what they will lend. I'd expect your broker to have established your circumstances are unchanged and re-calculated affordability before involving the lender again. Hoping for the same amount isn't how the job is supposed to be done!

Thanks for your reply. Makes sense why they are requesting fresh documents then. 

Yes they did all that, but the overhang of waiting for them to confirm what we can borrow isn't a great wait!

Frankly, that's what you employ (and pay) a broker to do for you. I'd be absolutely mortified if one of my clients posted similar to yours about me!