House offer reduced by a small amount - can I reduce my deposit or does it have to be subtracted from the mortgage?
Say a house is 100k and the best offer (in terms of minimizing the deposit I'd have to pay) I could get is 20k deposit + 80k mortgage
Say, now due to certain issues, the homeowners agree to reduce the house offer to 98k (reduction of 2k), can I take off the 2k from my 20k deposit or must it be taken off my mortgage?
When I checked using the affordability calculator of the bank I got the mortgage from, it seems I could have even got better deal (for the same house price e.g. 15k deposit + 85k mortgage) and so, the price drop by 2k makes it even more better in terms of reducing the deposit I'd need to pay.
Can someone tell me if I can get the figures redone with these favourable (deposit reducing, mortgage increasing) ratios if I've already got an approved mortgage but I've not started it yet as I was getting survey done, solicitor was doing searches, etc.