Once an offer has been issued, the terms — including the loan amount, repayment term, and any conditions — are set on the basis of the assessment carried out at that point. Whether a change is possible depends on the nature and scale of what you want to alter.
Minor reductions in loan amount
If you want to borrow less than the offered amount, this is generally straightforward to accommodate without a full re-underwrite, provided the purpose and repayment term remain the same. Contact us before drawdown and we can issue an amended offer. As an illustration, if you were offered £150,000 but now need only £110,000, that kind of reduction is typically handled administratively — this is illustrative and not a quote.
Increases to the loan amount
A request to borrow more than the amount in the existing offer requires a fresh assessment. Affordability and bureau checks are run at a specific point in time, and an increase in borrowing changes the risk profile materially enough that we cannot simply extend the existing offer. The new assessment will use data current at the point you request it, which may result in the same, a better, or a less favourable outcome than the original.
Changes to repayment term
Shortening the term increases the monthly repayment, which may push the facility outside the affordability parameters used in the original assessment. Extending the term reduces the monthly cost but increases total interest payable and may change the pricing. Both scenarios typically require at least a partial re-review. If you are considering a term change, contact us before the offer expires so we can advise on the quickest path to revised terms.
We lend only to UK limited companies and LLPs, and the loan is to the company with no director personal guarantee required. As business finance outside the consumer-credit regime, it is not covered by the Financial Ombudsman Service or FSCS.
See also: How long is a loan offer valid?, How long does a lending decision take?.