Possibly dumb FTB question...

[SpangleMaker]

So we've seen a house we really like at OIRO £180k and had an offer accepted (yay!) at £170k. The EA will take it off the market and cancel Saturday's planned viewings once they see our decision in principle letter from our mortgage lender. Only problem (is it a problem?) is that the DIP letter is written assuming we would be paying £175k.

The vendor is keen to move fairly quickly - it's been on the market for nearly 18 months although since they dropped the price from £190k they've had a fair few viewings, but no offers as yet as the other apparently interested parties have properties to sell first.

What do you think the chances are of the EA coming back and asking for more money? Should we be holding off and getting another letter from the bank?

I am prepared to take the risk but DH more cautious. Grateful for any opinions - we are completely new to this so no idea!

From my understanding - I think if they've accepted the offer they can't ask for more money, I'd go for it and give them the DIP to get things moving. They are just looking for proof you can actually get a mortgage and are not just blagging.

Arlington thanks, that's what I was thinking. I think the EA will be glad of the sale. It's just I had a conversation with my Dad who put the jitters up me about 'wasting the effort negotiating'.

The truth is we are relying on a bit of family help so seeking to minimise how much we would have to ask for.

I understand, I'm a FTB and in a very similar situation to you, in fact we are moving into our first ever house next week!! Couldn't have done it without parents help. Good luck with it :)

the sellers CAN ask for more money - but as chain-free buyers with an agreed mortgage they'd be daft to mess you about.

Congratulations enjoy your new home!

specialsubject thanks, that was my take on it. But now getting very mixed views from colleagues at work, some of whom are telling me on no account should I give the EA the DIP letter.

bump for morning crowd.

Our bank gave us serveral AIP letters in £5k increments so we didn't have to give away how much more they were willing to lend us. The EA for the house we actually bought didn't ask for one at all though.

The EA won't want to lose a sale. The extra commission on that £5k is not worth it. They just need to see that you are 'proceedable'. Nothing more.

If they say anything, just tell them that you are using the extra #5k fo.r improvements (I'm sure you can think of something that needs doing). I don't think they will though. Good luck.

Thanks for your replies, I feel more confident now