Mortgage reduction during application

Apr 13, 2004 2 Replies

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- 22 years ago

As a first time buyer, I'm wondering if at the end of the conveyancing process I actually wanted to borrow less money from the mortgage lender whether it is easy to change the amount (in my case by only about 1500) or whether that would count as a new mortgage application (I think by the end of the conveyancing I'd be able to save that extra. Anyone know if it is general practice to offer upto X, but anything slightly LESS is ok? (My particular lender is the Portman Building Society). Or does it normally depend on the lender in question?

Thanks.

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Robin Graham 22 years ago

Just tell them you want less and they'll send you out an offer for less than you applied for originally. If the offer is already out, they'll send you an amended offer.

Rob Graham

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Phil Deane 22 years ago

or if time is an issue and the mortgage allows, take the extra £1500 and then pay it in as an overpayment and then ask them to recalculate the payments

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