Increasing loan amount after recieving offer

B

Bubbly Scot

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I just got my loan offer from the bank but realised fairly quickly that I will need to increase the amount I borrow by 10k. It's a 100% mortgage but I applied for 100k less than the max I would be "allowed"

Is this going to be no more painful than a bit of embarrasment at having to go back and ask for more or will it be a huge rigmarole? The initial application was painless and I had the loan offer in the post within 48 hours.

Thanks in advance for any assistance.
 
Assuming you qualify on income and are still not borrowing more than 100% it shouldn't be an issue. You might need to put it in writing which shouldn't be too much of a rigmarole!

Sarah

www.rea.ie
 
When I was getting my mort sorted with NIB I worked out needing extra. I was told my NIB contact (a Manager) that this wouldn't be an issue if it was 30k or so - as it turned out I needed an extra 25k and it was no problem.

If you think you are close to your lending limit best get it in writing though as advised
 
Its a fairly regular occurrence - neither painful nor embarrassing as you qualify anyway. Better to do this now than drawdown and then look for an increase - saves you paperwork etc in the long run. They will amend your loan offer to the increased amount and don't forget you will have to increase your mortgage protection/life assurance and insurance to reflect the increase too.
 
Thanks for that. I'd still be well within my lending limit.

Next thing to organise is the mortgage protection....I've been following the threads about that.
 
yes thanks, I've seen it. At least I've located it but I can't really get my head around the content yet. Strangely it doesn't appear on my list of mortgage conditions but there is a form in my offer pack to assign insurance to the bank. I know I need to get it though, it's just chosing the right thing that's wrecking my head at the mo.
 
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