mortgage, can I only use part of the offer amount?

[imiami]

I got mortgage 200,000, can I use only 120,000? or I have to use full amount of 200,000?
Thanks

Why don’t you ask the lender?

I'm confused. Don't you mean mortgage in principle? E.g. you have a mortgage in principle for £200K. That's the maximum they could lend you, you can buy a £100K house and just apply for the actual mortgage at £100K and thats fine. Be wary, lenders often offer mortgages in principle to people they wouldn't lend to. I'd use a mortgage broker.

If you already have a house and have applied for a mortgage at £200K, I don't see why you'd suddenly need only £120K? Surely you applied for the amount you actually needed!

I am ringing lender no answer yet, someone told me I need new offer, but I heard I can use this offer and just use the amount I need.

You will most likely need a new offer as this changes LTV.

If you've actually applied for, and got, a mortgage for 200k, you need to reapply.

If you have an agreement in principle for 200k, not against a specific house, you can ask for 120k.

Thanks, as I got extra gift for the house buying.

I work in mortgages. You definitely need a new offer showing the correct loan amount

But if you have no penalties for early repayments you could take the mortgage out and the repay the extra money you have very quickly.

Sure, good idea, no penalties for early repayment, any disadvantages for this way? Thanks

I would imagine that you would have a month's interest charge on the full amount?
I would ask a broker if it would be cheaper to get a new mortgage.

thank you， I decided to go ahea d and use the full amount, as the vender and I keen to make it quick