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They have given me too much money!
FTB129
Posts: 67 Forumite
They have given me too much money!
I have just had my mortgage offer through (finally) but its 3.5k too much (!) They know the purchase price is 220 and with 20k deposit should only be 200k
Obviously I need to speak to my broker/Halifax but don’t want to slow the long process up even more (valuation was over a month ago)
Any advice? Thanks
I have just had my mortgage offer through (finally) but its 3.5k too much (!) They know the purchase price is 220 and with 20k deposit should only be 200k
Obviously I need to speak to my broker/Halifax but don’t want to slow the long process up even more (valuation was over a month ago)
Any advice? Thanks
0
Comments
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Does your mortgage have penalties or limits to overpayments?
What I did when something similar to this happened to me is just took the extra I didn't need, and then paid it back as an overpayment.
I thought it was best not to confuse the issue and potentially cause delays.DFBX2016 #024
Target = £10804
Paid = £24340 -
Have they added mortgage arrangement fees etc to the amount ?Its amazing how these banks can't even do simple calculations correctly..............0
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£200k on £220k is over 90%.
Are you sure? I don't think they lend above 90%.
Don't know about this extra money thing.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
kingstreet wrote: »£200k on £220k is over 90%.
Are you sure? I don't think they lend above 90%.
Don't know about this extra money thing.
Thats exactly what i thought! right its probably just an error! Il speak to them, Thank you!0 -
If you are buying for £220k, 10% deposit is £22k leaving a mortgage requirement of £198k.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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My solicitor cleared an extra 2k of lending just to be sure that the whole thing didn't fall through at the last minute for lack of funds. She then just called down the amount actually needed, it didn't cause us any problems.I'm a qualified accountant but please make sure you get expert advice as any opinion is made in a private capacity.
"A goal without a plan is just a wish" Antoine de Saint-Exupery
Mortgage overpay 2012: £10,815; 2013: £27,562
Mortgage start £264k, now £232k0
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