Has anyone managed to renegotiate price and get a new mortgage offer since the interest rate news last week?

[Reallybadidea]

We have had the results of survey which means we would like to try and renegotiate the price we offered our vendors. Wouldn't affect our LTV and our broker says that our lender will do it without a new application, but it would be nice to hear from someone who's actually managed to do it!

Our buyers knocked us down by 2.5k off a 575k total for roof repairs. I was freaking out about it slowing the process down as we’re due to exchange early next week and trying to get hold of lenders at the moment is so difficult they’re all so busy. Buyers are taking the same loan, just the slight amendment to house price. We were warned it could take an age but we were pleasantly surprised that it actually took about 48 hours at the beginning of this week. Their lender is Lloyds. Definitely no new application needed.

Thanks -that sounds hopeful 🤞

My purchase was downvalued and I worried that it would affect the mortgage offer. Mortgage co came back the next day to say all fine, no change to offer. That was back in July though, it could be a different story now.

Doh! Just read your full title. Ignore me!

Also our agents did try to convince our solicitors to do it as an allowance/retainer (?) so the house would go through at the originally agreed price but then our solicitor would pay the agreed 2.5k reduction to the buyers via their solicitors after it had all gone through. Apparently our agents have organised doing this way lots of times before to avoid getting lender involved. Our buyer’s solicitor wouldn’t go for it though - but if you wouldn’t mind doing it that way you could suggest it.

That's interesting, I wasn't aware it could be done that way. Thanks!

I don’t think it’s legal to be done that way which is why the buyers solicitor said no.

it could very much be seen as being tax evasion. I would imagine the agent would be keen because they billed the seller on the original price.

Never thought of the benefits to the agent - of course! But surely instead of evading tax you’d actually pay more in stamp duty? I did get the general impression it wasn’t legal though so happy ours got sorted properly.