BTL mortgage Price change

Landlord Discussion
1

Hi.

Could I ask if anyone had a price increase in the last minute of the purchasing a property just before exchange and need to change their mortgage?

Currently, a property that I am buying the seller increased 5k, so do I just to contact BTL mortgage advisor who did my current mortgage and change it? is that correct?

if so how long would it take?

I am worried that I am running out of time as the seller is giving 2 weeks and then if not able to do it they will pull out and re-advertise for higher.

2

It will depend on the mortgage valuation and your loan to value ratio (LTV).

It is highly likely that the valuer will have valued it at what you are buying it for, so if you increase your mortgage, your LTV will go up. That could push you into the next price bracket, or above what the lender will allow.

Best bet is to talk to your mortgage advisor.