Have Mortgage AIP, but need more....

W

Windmill

Guest
Hi,
We are homeowners, and currently have our property on the market.

We have mortgate approval in principle (380k), plus proceeds from the sale of our house (hopefully around 100k) and we have about 20k in savings. Totalling 500k.

We have been looking for our future family home, and the property we have found that suits our needs is asking 595k. So, we're hoping they'd accept a lower offer...around 550k.
We'll need around 25k for solicitors fees....this leaves us 75k short.

My question is, what are our chances of the Bank increasing our Mortgage loan amount? The MAIP was granted to us in May 09. Have the banks relaxed their criteria since then? Does anyone have any advice on how we should aproach the bank about this issue?

Thanks, advice welcome....
Our income is very secure.
 
What is your income, dates of birth, children? Any loans - repayments on these?

25k for solicitors fees (hopefully includes stamp duty!)

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Windmill said:
Hi,
We are homeowners, and currently have our property on the market.

We have mortgate approval in principle (380k), plus proceeds from the sale of our house (hopefully around 100k) and we have about 20k in savings. Totalling 500k.

We have been looking for our future family home, and the property we have found that suits our needs is asking 595k. So, we're hoping they'd accept a lower offer...around 550k.
We'll need around 25k for solicitors fees....this leaves us 75k short.

My question is, what are our chances of the Bank increasing our Mortgage loan amount? The MAIP was granted to us in May 09. Have the banks relaxed their criteria since then? Does anyone have any advice on how we should aproach the bank about this issue?

Thanks, advice welcome....
Our income is very secure.
Click to expand...

You might need to get a new approval in principle if the previous one was from May last year.

Also I think there could be scope for increasing the 'In principle' amount based on the property you wish to purchase.

If you get a good deal on a house in a good area your chances of getting a higher amount would be better.
 
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