Mortgage advice

[igglypiggly]

Can anyone advise on this? I applied for a mortgage for £250k in July and have an offer for that amount. But I actually need to borrow less as have come into some money. My mortgage adviser has asked me not to reduce the amount I'm borrowing as it will take a lot of work and time and will
require a new offer to be sent out. His thinking is that we borrow the original amount and then pay back the extra on completion. Does that sound ok?

It depends how much your talking about, if your mortgage allows overpayments it's usually only 10% a year or something like that so you may be charged if it's more. I'm thinking your mortgage advisor just doesn't want the extra hassle of rearranging the amount

Depends on the mortgage you're getting and how much you're talking about. Lots of mortgages have penalty charges for overpaying more than a certain percentage. Definitely sounds like a very strange suggestion. I'd be wary that the mortgage advisor was trying to get their commission asap.
Worth considering that you might have a bigger deposit and therefore be able to get a better interest rate too. But applying again does take time.

It's not a strange suggestion. If you go back to the lender for a smaller amount the necessary paperwork could add 4 weeks which delays everyone moving. It is also the case that some lenders have rates for certain amounts and you might fall outside this. And it is normally the case that you can overpay by 10% per year. Furthermore most of us find we have unexpected costs in our first year in a property so I say hang onto it for a year- if you have an initial mortgage rate of 1.99% an additional £10,000 on your mortgage will cost you about £17 per month extra- in my humble opinion this is worth paying for the convenience of having the savings should you need them.

Without know the figures it’s hard to say, but Jonathan1972 outlines the reasons why the advisor may have suggested this.