increasing loan offer/aip

chokzdgreat

hello good day to everyone. first of all i want to thank the people for answering my prev. questions re:mortgage. i was just wondering if can we ask the bank/lender to increase our AIP amount/ loan offer maybe just for 4k more, because the offer is 4k short considering after help to buy. i know that we can top up the difference with savings/own money but we just want to use our savings for other fees. anyone with the same experience? thanks in advance.

(house price is 410k, htb 30k and 11k from savings as 10% deposit, loan offer is 365k) so its 4k short

Mellor

Should prob be in accom and property, but as it's here…

There's no issues asking to an increased amount. They will reassess is you can service it. 4k more will be 90% so probably the max they will do. The AIP amount is usually maxed out. For a 369k amount, you'll need a e92,250 income. As long as you meet that should be a breeze. Although, to be completely honest, savings look kinda of low relative to what you'd need to service it.

halkar

It will be months by the time you get the keys for your house if all goes well. You can probably same most if not all of the 4k shortage. I think it be better leave your mortgage application as it is and look for other ways to come up with the shortage.

I agree with above 11k savings is not much. It may raise flags when the bank starts digging into your financial affairs in more detail. AIP does not mean its guaranteed.

chokzdgreat

thanks for the reply guys. I think ill be better off saving. thanks!