Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • kazzyb123
    • By kazzyb123 13th Jul 18, 1:34 AM
    • 7Posts
    • 7Thanks
    kazzyb123
    Have mortgage offer can I pay less deposit?p
    • #1
    • 13th Jul 18, 1:34 AM
    Have mortgage offer can I pay less deposit?p 13th Jul 18 at 1:34 AM
    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 doesnít mean his yearly income will be lower but Iím concerned if they ask to see the 3 months bank statement again

    Thanks.
Page 1
    • amnblog
    • By amnblog 13th Jul 18, 7:16 AM
    • 10,648 Posts
    • 4,215 Thanks
    amnblog
    • #2
    • 13th Jul 18, 7:16 AM
    • #2
    • 13th Jul 18, 7:16 AM
    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.
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

1,095Posts Today

6,822Users online

Martin's Twitter