Have mortgage offer can I pay less deposit?p

kazzyb123 · 13 July 2018 at 1:34AM

I have a mortgage offer and have just found that the property needs extra work done. The agreed deposit is 22500, if I call them to ask if we can use less for the deposit, say 17500 does that mean they start the whole application again from scratch?

I am concerned because my husband is self employed and had a six week period (including a holiday) when no wages were paid into the bank (cash jobs which DO go through the books!).

Could this affect things if I ask to borrow more? But also will it affect any kind of last minute checks made by the lender before exchange or completion?

It doesn’t mean his yearly income will be lower but I’m concerned if they ask to see the 3 months bank statement again

Thanks.

amnblog · 13 July 2018 at 7:16AM

Borrowing more does affect the decision. Whether it terms a yes into a no depends on the particular case.

Is the Lender will not advance £5,000 extra, that does no mean the original offer is scuppered.

Also, less deposit may mean that the selected mortgage product can no longer be used and may need to be replaced by a more expensive product.

I don't see how your husbands self employed banking affect this decision.

This question should be addressed to your Mortgage Broker who can advise you accordingly.

Have mortgage offer can I pay less deposit?p

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