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Mortgage - changing offer letter amount

  • 27-08-2013 12:03pm
    #1
    lauradryeye
    Registered Users, Registered Users 2 Posts: 50 ✭✭


    Hi,We have gone sale agreed on a house since April and the bank (AIB) was very efficient and the offer letter issued straight away. However there has been loads of delays with the house and we have just negociated the price down to 6K less. Due to the delays we have also managed to save more cash for the deposit.Does anyone know how easy/fast it is to request a lower mortgage amount (approx 10K less)? Do we have to go through the whole application process again? We would love to get a lower mortgage but if it is going to cause anymore delays that we would prefer to keep the original approval. I can't ask the bank because if they know the house value has changed I guess we will have no choice but to go ahead with the change!Thanks for your help!
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Comments

  • #2
    Trish56
    Registered Users, Registered Users 2 Posts: 1,256 ✭✭✭Trish56


    Your loan approval with AIB is valid for 6 months. You should contact AIB immediately to inform them that the purchase price has reduced by 6k as this will show up on the contract and your Solicitor will have to confirm same to AIB. You can also at this stage inform the bank that you wish to reduce the mortgage however you will also have to provide evidence of your savings to make up the balance. You should do this in writing and should have an amended loan offer within a week.


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